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New Investor Blitz - Where To Start... Here's your chance....

#41 User is offline   pwelborn 

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  Posted 15 August 2004 - 04:39 PM

OK Friend, I don't think you knew what you were getting into. I am 46 have one leased house my personal residence before buying. We refinanced to both lower the payments make some money and do repairs to the next house. The second house after repairs appraised at around $180000.00 I bought it for $92500.00 it was a foreclosure. I found an apt. Building a fourplex that required a 20000.00 down my wife wanted a new car won't do that again so that was an approximate $50,000.00 of debt that was new. Making for a total loan of $135,000.00 I have found a second fourplex and I saw this forming as a circle of sorts. I found out about down payment grants and that seemed to be the answer I was looking for. Now my loan broker who is helping me with a 100% loan is having problems with my loan I have a FICO of 646 at this moment she says she goes by Transunion. Anyway she is so structured that she has got to have a 650. It is going to lose me this deal I fear. She has sent corrections to all the big 3 CRA's and we haven't heard from them yet. The 20 day deadline for an approval letter is drawing close 8/18 and no reports. I need a back up plan. Backup financing. Because once I have it financed and have posession I can refinance it at a lesser percentage. Because the lady who would do the refi would ask for a 20% down and doesn't accept borrowed downs which she considers downpayment grants to be.
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#42 User is offline   Doug(IL) 

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  • My Goals: Positive Cash Flow

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Posted 15 August 2004 - 07:25 PM

I guess its time for me to take my turn.I am a 42 tear old father of 3 that has been interested in real estate investing for more than a year now.I have read every post on this site.

GOALS:My goal is to become financially independent and not have to work for someone else.I would love the opportunity to work for myself.My goal is long term wealth and a positive cash flow,however I do need cash now to use as reserves and be able to capitalize on more opportunities.

STRATEGY:My strategy is to begin flipping properties in order to generate some cash.I am also hoping to buy subject to and sell on lease option.Owner carry is another possibility.

STARTING:I have already started marketing.I have signs posted in stores,laundramats,and on utility poles.I have been leaving business cards everywhere I can.I have an ad in the pennysaverand have been mailing to preforeclosures.IUnfortunately I have only received 3 calls from 700 mailings that didn"t produce any deals.

KNOWLEDGE:I feel I know enough to get started.I have been through Sheets and Legrands courses.I have read Flipping Properties,Conti and Finkels 3 books and several others.I have also joined my local REI club.

IMPROVEMENT:I know I need to improve my negotiation skills.

TIME:I am currently working 65-70 hours aweek as a salaried employee at a job I despise.This only leaves 2-3 hours a day and Sunday.

SUPPORT:My wife has been very supportive from the beginning but I know she is getting discouraged over what I have spent with nothing to show for it yet.My neighbor(retired real estate broker)and currently a teacher of real estate at some local colleges has also been very helpful,however he keeps telling me I should get my liscense and I really don't want to.

FEARS:Failure,negativity from others,talking with others

CAPITAL:15K

PARTNERS:I would prefer not to use partners but I may need to with the little cash I have.

STRENGTHS:Honest,dependable,desire to succeed

WEAKNESS:Negotiating,procrastination,little cash

CREDIT:700 range

REASONS TO INVEST:I need to escape the job and be able to provide for my family.Real estate has a better history than any other avenue.

I want to invest full-time butI will have to start part time while I continue to work.
I am a little on the shy side.I am not comfortable communicating one on one with strangers but warm up after I know them a little.

Dealmaker,
I just want to thank you for this great site.I am counting on it to help in my success.I will be anxiously waiting for your reply.

Thanks,Doug
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#43 User is offline   wasco 

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Posted 16 August 2004 - 01:41 PM

Thanks for the opportunity to put my 2 cents in...
GOALS: reinvest profits into buisiness until it can support 2 people full time.

STRATEGY rehab for the next few years, eventually build enough capitol to do new builds along with rehabs.

START within nex 3 months

5 ACTIONS: Last week joined REI club, research means to get financing when needed.

NEED TO KNOW: need to know about creative ways to finance, define goals, and steps for first acquisitions.

TIME: Plan to spend from 4 to 10 hours per week at first, will leave open to find out reality.

SUPPORT: moral support, some from my parents, and friends. Not planning on great support if the going gets tough. Depend on myself and biz partner.

4 FEARS: about the only fear is goofing up so badly on the first deal, that I wipe out all money.

CAPITAL: equity in rental, 100K, cash 20K,

PARTNER: Yes, my partner grew up in the contracting biz, has taken design and architecture classes. Friend since childhood (long time ago)

STRENGTHS: I am in sales, so no problem talking to strangers, creative, hard worker, energetic

WEAKNESSES: procrastinate at times,

CREDIT SCORE: Don't know the number score, but I know it is very strong. Own rental, no debt except car, job for 15 years, above average salary.

REASON FOR RE From what I can tell, there are more people who became wealthy through properties than stocks, or owning small biz of some sort. I like the creativity of real estate, taking an ugly property and making it new, looking at your bank account grow. I am a commisioned sales person and know that money is my number one motivator!

FULL OR PART: part time for now, no way would I leave the golden goose laying the eggs at this point in time.

BIGGEST ROAD BLOCK, is feeling I know enough to take the plunge. I don't expect to know everything before I start, but I need to have a little more knowledge on the Portland market, how to find some of these properties, and then how to finance it when we find it.
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#44 User is offline   Ang 

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Posted 03 October 2004 - 03:02 PM

I just registered today. . . Here I go:

What are your goals for investing in real estate?
My goal is to learn as much as I can on the area I am interested in at this time, and continued to move on into other areas and ultimately to build wealth through my knowledge and transactions of real estate investing.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
My goal is for short-term as of now because I need cash to move on to my long-term goal, to buy and hold for monthly cashflow.

List the strategies you want to employ.
I want to wholesale/flip, assignments, short sale, L/O

When do you plan to get started.
As soon as I find investors/buyers to match them up with the right property.

What are the first five actions you plan to take to get started?

Quote

1.  Locate buyers/investors through word of mouth, my local REIA, friends, forums
2.  Get familiar with all the forms necessary to make an offer.
3.  Learn the formulas to know if a deal is the right deal for me and my buyer/investor.
4.  Locate listings for forclosures, or for sale by owners
5.  Just Do It.


What do you need to know before you get started?
1. If wanting to make 10K as my profit is too greedy, should I start off as low as 5K or is that even worth it?
2. I need to learn the formulas to know if a deal is worth it and which formulas applies to which strategy.


What skills do you need to improve to become successful?
All that I've mentioned above.

How much time you plan to set aside for investing?
20-40 hours a week as part-time. I still have a full-time job but if I am not on a deadline, I can do research at work as well.

Who can you depend on for support?
My husband, he is not doing it with me as of yet, I may have to show him a check first. And my friends.

Who will think you're an idiot for getting involved with real estate?
No one who would say it to my face.

What is your 4 biggest fears?
1. Not knowing what I'm talking about when I talk to sellers
2. Not having enough capital of my own which is why I want to do quick-turns first
3. Lossing money I don't have
4. Not getting started


How much capital do you have set aside to get started?
Right now, none. I may be able to get some but that would be robbing paul to pay peter and I don't want to do that.

Do you plan to use partners?
I'm not against doing that if I come across a deal that would be really profitable for both parties.

What are your top 5 strengths?
1. I am a people person
2. I can see myself doing this
3. I love to talk


What are you top 3 weaknesses?
1. Math
2. A little procratination
3. I am in traffic at least 1-1/2 hours everyday going and coming home from work, the idea of driving around on my time looking for house does not appeal to me but I am willing to do it.


Credit score? Good? Bad? Pass?
My credit score is good

What are your reasons to invest in real estate?
I want to have financial independence for me and my family, I want to get out of working for Corporate America, I want to depend on my own finances for retirement, I want to travel when I want to, I want to be able to keep up my shoe buying fetish.

Do you want invest part-time or full-time?
I want to start off part-time and move into full-time.

Are you good with people and one-on-one communication?
Yes I am.
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#45 User is offline   momof5 

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Posted 13 October 2004 - 10:53 PM

What are your goals for investing in real estate?
Okay I thought I would jump in and see if this thread is still getting followed. Bytheway, this thread has really helped me and given me many insights.


Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

I am very new to the REI thing. I don't have a lot of money to spend because my husband is still somewhat skeptical. I would like to get some short-term cash but also am thinking about the future and would like to build wealth once I have gotten some some money to use.


List the strategies you want to employ.

I am interrested in many faucets of REI. My favorites are flipping, short sale and re-hab.

When do you plan to get started.

I want to start now. I have only been researching REI for about two weeks now but I have been spending 6-10 hours a day researching these forums and other websites. I don't want to spend a lot of money on books so I have devoured any free articles, books, and other things I can get my hands on.

What are the first five actions you plan to take to get started?

1. get add in paper
2. look up all the legal notices in FARM area
3. get in contact with property owners from notices
4. Get business cards printed
5. Figure out where to go from there.

What do you need to know before you get started?

More confidence on the type of deals to structure. What to say to sellers. What forms to take and where to find them.

What skills do you need to improve to become successful?

I am not sure about this because I haven't done anything yet.

How much time you plan to set aside for investing?

Most days I can spend four to five hours. I have five kids so I need to work when they are in bed and in school.

Who can you depend on for support?

My husband is there for support he just wants more info but he is not passionate about this. He will be the closer, but, but he doesn't have time to do the research and studying so he is depending on me to tell him what I am learning. He is in sales for a living.

Who will think you're an idiot for getting involved with real estate?

Lots of people because they all think I'm following some infommercial -- which I am not.

What is your 4 biggest fears?

not enough knowledge
not enough knowledge
not enough knowledge
not enough knowledge

How much capital do you have set aside to get started?

I am not sure. We have about 30K in 401K and potential of a lot of equity in our house. At least 70K. I haven't really figured that out.

Do you plan to use partners?

I will need to use Private Money Lenders but I am not sure about others.


What are your top 5 strengths?

1. I am very personable.
2. I am very motivated and determined.
3. I like to research things and make sure I am not getting ripped.
4. My husband is a good salesman and great with numbers.
5. I am smart.

Weaknesses

1. Bad with number crunches
2. Do not like confrontation.
3. Fear of starting

What are
Credit score? Good? Bad? Pass?

Do you want invest part-time or full-time?

I want to invest part-time to start and then if things get moving have my husband help me full-time.


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#46 User is offline   GabrielGibson 

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Posted 15 October 2004 - 09:57 AM

What are your goals for investing in real estate?


I would like to purchase and set-up rental properties so that the cashflow will allow me to travel 3-4 months out of the year. I am interested in anything that can provide the cashflow single family, duplex's, and larger multi-family properties, if that's do-able right now. The main goal is to provide enough passive income so that I can travel freely and have plenty of spending cash.



Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.


Both, CASH now is great, but cashflow is what I am really aiming for.

List the strategies you want to employ.

Buy and hold, wholesaling to pay for properties, retailing when the deal comes along.


When do you plan to get started.

Yesturday

What are the first five actions you plan to take to get started?

Call ads, look at properties, make offers,....and.....HELP


What do you need to know before you get started?

How to buy property with my kind of income and credit.


What skills do you need to improve to become successful?

Phone skills, staying on track.


How much time you plan to set aside for investing?


10-15 hours a week


Who can you depend on for support?

I really don't know anyone yet.

Who will think you're an idiot for getting involved with real estate?

I dont care.

What is your 4 biggest fears?

Not getting started soon enough, having a payment that I have trouble making, having trouble getting my property rented, not buying my first property within a year

How much capital do you have set aside to get started?

Less than $1k

Do you plan to use partners?

Not planning on it, but will if necessary.

What are your top 5 strengths?

Aggressive
Determined
Motivated
Ready
Good with People


What are you top 3 weaknesses?

Tendency to slack off
Tendency to get distracted
Spending my money before I've earned it


Credit score? Good? Bad? Pass?

No so good, I still have some debt that I am in the process of clearing up.


What are your reasons to invest in real estate?

Cash0flow, Working for myself, financial independence, abundance

Do you want invest part-time or full-time?

Soon enough, I will like to do the investing full time. Then I would like to move to investing 5-6 months out of the year and a break the rest. I hope this is a realistic goal.



Are you good with people and one-on-one communication?

Yes.



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

So anyway, I am ready to do trhis and get it all started. I have been waiting too long, and the time is ripe.


Thank You!

Gabriel Gibson
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#47 User is offline   pwelborn 

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  Posted 19 October 2004 - 07:41 PM

Hello Dealmaker, I have read much of your information but never written. So, since you have opened yourself up so to speak let me tell you a goal and a problem.
1. My goal is cashflow, at this time I have mainly concentrated on fourplexes there are more of them, they seem to be better priced for the dollar in my area and you can make a profit. This much in mind in addition to I have a credit union that offers 4.25% interest with 1% every 2 yrs. over 16 and a modification clause of 1.75% which translates to no more than 1% over the 16 years the ARM can go up but lets not get bogged down in details.
2. The same credit union wants 20% down. this can cut your casshflow in a hurry. So my new strategy is to find a 100% financing institution and refi with the credit union. A refi doesn't require a down ! But where to find the 100% lender?
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#48 User is offline   musedr 

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  • My Goals: Obtain 5 Long Term Properties with the next 24 months

Posted 20 October 2004 - 02:10 PM

Hello Everyone, First time poster here. I have really enjoyed reading everyones posts and hope that typing this stuff out will help me to get more motivated.
[*]What are your goals for investing in real estate?

My real estate investing goals would be that I would like to be able to make enough money to spend more time with my son. Right now I currently own a jewelry store and gift shop. I also do book-keeping working for my mother's accounting business which is located in the back of my store. I would like to have a business that doesn't require so much of my time. I am the only employee of the store and that means I have to be at the store Tuesday-Saturday 10-5. I want to have a little more flexability. If my son has an event at school I do not want to have to put my business on hold like I do now.

[*]Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

BOTH, short-term because I need cash now to pay of bad debts and long-term for the future.

[*]List the strategies you want to employ.

At first bird dogging and flipping, from there I really do not know.

[*]When do you plan to get started.

Today, I actually mailed out 32 letters to owners of properties that I saw driving around.

[*]What are the first five actions you plan to take to get started?

Check Lis Pendens list everyday and send letters to those home owners
Read as much as I can
Open a PO Box
Drive around and get more addresses
Advertise

[*]What do you need to know before you get started?

How to fill out the contracts (I have them just do not know who to fill them out)
How to explain the contracts to the seller ( I don't even understand them)
How to structure a deal

[*]What skills do you need to improve to become successful?

Communicating with people

[*]How much time you plan to set aside for investing?

30-40 a week
[*]Who can you depend on for support?

My boyfriend we are doing this together.

[*]Who will think you're an idiot for getting involved with real estate?

My mother

[*]What is your 4 biggest fears?

Not knowing all the legal issues
Not being able to explain the deal to the seller
Losing money that I do not have to lose
Making money and not understanding the tax laws and owing mounds of taxes

[*]How much capital do you have set aside to get started?

None

[*]Do you plan to use partners?

My boyfriend is who got me going with this idea. He has a friend that works for a group of REI doing clean-up on houses and BF has started working with them cleaning up houses. The REI are showing them how to do it. So, yes partners.

[*]What are your top 5 strengths?

Highly Motivated


[*]What are you top 3 weaknesses?

Not good with people
Scared of failing

[*]Credit score? Good? Bad? Pass?

Bad, working on clearing it up

[*]What are your reasons to invest in real estate?

To gain finacial freedom and have more time with my son.

[*]Do you want invest part-time or full-time?

Full-time

[*]Are you good with people and one-on-one communication?

No

Thanks so much and I look forward to your comments.
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#49 User is offline   Dealmaker 

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  Posted 21 October 2004 - 03:31 PM

Wherre I am/my current situation

I currently have a job, so I do investing part time. I have some courses and began applying wholesaling and buying creatively on seller finance or lease option, but may be stumbling on getting to the next level up. I have wholesaled 7 small junkers for a small profit over the last 2 years. After studying this site for the last year, I found I shouldn’t buy on l/o. So I’ve made the mental and paperwork changes. Even though I was trying also to buy creatively over those 2 years, I’ve only been able to wholesale, and I’m struggling with subto or cfd. I think it has something to do with analyzing the deal (its location and cash flow), what to say to the sellers, presenting the offer and closing, and having all the finer details. This is the next level I want to get to.

Remember that your marketing cannot pull one kind of deal so you must maintain an aggressive marketing campaign to attract sellers to call you. Of these leads, wholesale and flip (retail or wholesale) as much as you can. Analyzing subject2 deals is no difference than reviewing other deals. You simply take into account the ease financing with subject-to deals. That's probably just a mental roadblock you're using. The real problem for most when considering subject2 deals is "what to say to the seller", the paperwork, the closing and the land trust details.


[QUOTE][u]What are your goals for investing in real estate?[/u]
I want to be able to have enough properties producing cashflow to meet and exceed my living expenses so I do not have to work for someone else. I want to keep buying and selling to keep the capital reserves up and coming in, but mostly I want to then begin getting subto and cfd houses to produce that monthly cashflow. [/QUOTE]
"Not having to work for someone else" is not good enough. What would you do with that free time? Would you spend more time with your spouse? Your children? Help the needy? Support a charity? Being able to live off half your income and give the rest away? What? Get some specific reasons why and write them down. Then write them every morning as soon as you wake up. It's a powerful technique. Amazingly you'll see more opportunities and your motivation will increase tremendously.

[QUOTE][u]List the strategies you want to employ. [/u]
I will keep wholesaling to other investors. But now mostly, I want to do subto and cfd, either selling for cash or on l/o to homeowners. [/QUOTE]
Well, it's just like any system. You must learn it. College and universities are not free. So invest in yourself. Buy one course every 45 days and devour it.

[QUOTE][u]When do you plan to get started.[/u]
[/U]What are the first five actions you plan to take to get started?[/U]
Well I’ve started already. I have some marketing going on. I have about $500 a month to use. I have a classified ad in paper (there’s another 4 investors doing the same thing), I have 3 signs and put out a few bandits on the weekends, I mail postcards to divorces and housing code violations, I’ve tried out of towners. I have calls come in on voicemail (I know this is bad, but I have a day job, and I am pretty much alone, on my own. I thought looking into a answer service, but may not have the budget or may have to juggle some of the budget, and am afraid to lose the phone number I already use for marketing). I get about 10-15 calls a month. [/QUOTE]
Get a friend, relative or hire someone just to take calls. It's worth it! Step the marketing. Mail often. Did you read my new articles on DIRECT MAIL?

[QUOTE][u]What do you need to know before you get started?[/u]I think I need to know more about why I am struggling on the next step with buying subto, and work on this immediately. I may have trouble knowing exactly what it is, so I will try to elaborate more throughout this post. [/QUOTE]
If several of you would like, I'll consider teaching you how to do subject2 the right way on a teleconference call. Email if you would like for me to do this for you.

[QUOTE][u]What skills do you need to improve to become successful?[/u]
- How to analyze a deal, structure a deal and close for buying subto or cfd – what does that mean structure a deal. Is that in my head working out the numbers, or in front of the seller, on a contract or on a yellow pad of paper?
- Knowing what to say on the phone, and in person. When to do a driveby, when to set the appointment. This is kind of where I get stuck. I get calls from a lot of central city crappy areas, and I think - well will rents really cover this? or I don’t know about this location? Maybe this is some ‘paralysis of analysis’, but aren’t these considerations to make? [/QUOTE]
You are correct. Some of those are legit reasons and some are bogus. I think you're just getting in your own way.
[QUOTE][u]How much time you plan to set aside for investing?[/u]
I have 3-4 evenings in the week and all of Saturdays. [/QUOTE]
Tons of time!

[QUOTE][u]Who can you depend on for support?[/u]
I am pretty much on my own. I have a mother who, of course, is interested in my well being, but is not interested in real estate investing. [/QUOTE]
umm.. you forgot about us!

[QUOTE][u]Who will think you're an idiot for getting involved with real estate?[/u]
I don’t think anyone would, but then I don’t care.[/QUOTE]
Ya sound like me!

[QUOTE][u]What is your 4 biggest fears?[/u]
1 - Interfering with my job, since I need it to keep funding this business. So I try to keep low key about it at work.
2 - Not knowing if I have all the details, not knowing how to sell fast, not knowing if I have access to the right people on my team when I need them fast, covering too much carrying $costs because of these missing details.
3 - Procrastination
4 - Something else, I know its something. For example, after I would wholesale a deal, I would ‘veg’ out for a month, even when I know I had phone calls stacking up. I don’t know really what it is. Maybe this is not a fear, but more of an aggravation I know I have to hurdle.[/QUOTE]
1 - Good
2 - Understandable..
3 - Same...
4 - You must be develop discipline to stay on top of these calls and write out your goals and reasons daily to build a sense of urgency and motivation.

[QUOTE][u]How much capital do you have set aside to get started?[/u]
I have built up $17k just for capital reserves for subto (taking over payments, handling evictions), and I have the additional $500 a month for marketing.[/QUOTE]
Step that marketing and get to work!!

[QUOTE][u]Do you plan to use partners?[/u]
No.[/QUOTE]
Well, you should. Money partners that is and everyone forgets this one.. the Sellers should always be your first choice in a partner.

[QUOTE][u]What are your top 5 strengths?[/u]
1 - This may be a hard question. I am good with numbers and have some computer skills.
2 - I think I have some people skills, but am a little bit shy.
3 - I have the courses, and know the concepts, forms, contracts (may need to pick up finer details that I can get along the way)
4 - I have applied myself (and I know I need to keep applying and persisting to grow my business even when I know there’s something I am struggling against)
5 - Built up some $reserves.[/QUOTE]
1 - Then it negates your excuse about analyzing the deal.
2 - You'll get over it. Just make more appts and keep the stacked up.
3 - Good..
4 - Great...
5 - Even Better..


[QUOTE][u]What are you top 3 weaknesses?[/u]
1 - Not knowing when to go sign them up, I get all the information on the phone, and like I said above, either location or rents, I ‘lock up’, and say to myself ‘nah, not good enough deal’.
2 - Not knowing what to say, what to present, if I am structuring the deal best and closing it.
3 - Not asking for help (even when I have something wrong, I don’t really know what it is specifically to ask for help on)[/QUOTE]

1- Lock it up immediately then give yourself an inspection clause for a couple of days to back out, if need be.
2- Just keep appointments and keep talking.
3- Identify the problem first. Then ask here..

[QUOTE][u]Credit score? Good? Bad? Pass?[/u]
Fair? I have some older (4 years ago) remarks. My FICO was around 670 last I checked. I have one older judgment that I cannot find the people anymore (my attorney just said to keep waiting it out). This may be another fear – what to do with it or my credit in general.[/QUOTE]
Credit is very good. The judgment you can challenge by contacting the credit bureaus online. I registered with www.equifax.com and then you can challenge all the items you need online.

[QUOTE][u]What are your reasons to invest in real estate?[/u]
Freedom. I want to live the lifestyle that I can only dream about now, where I have enough income producing assets that meet and exceed my living expenses, so I do not have to work for someone else, and I can work for myself to keep growing more assets.[/QUOTE]
Again, find more specific reasons.. where do you want to go, do, whom could you help, spend more time with, etc..

Most of all, I just recommend you spend more time in front of sellers, act with confidence, and believe in yourself by taking action. You're doing great. Stop doubting yourself, your abilities and move forward.


You're doing great!!!
:blob: :blob: :blob:

Dealmaker :new:
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#50 User is offline   JAV 

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  • Interests:Becoming financially free ASAP - doing the Freedom 35 plan.
  • City:Edmonton AB
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  • Level:Part-time Investor

  • Occupation: Realtor, Business Owner

  • Target Markets: Edmonton and surroundings, Alberta, Canada

  • Pets: 3 cats - they're hers, not mine. :)

  • I'd rather attempt to do something great and fail than attempt to do nothing and succeed.

  • Niche: Realtor, rehab flip, revenue property.

Posted 21 October 2004 - 06:44 PM

OK, my turn:

What are your goals for investing in real estate?

Firstly, to supplement income. Secondly, to build up cash reserves for other businesses.


Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

Short term only. I have clearly defined goals for long-term success, but they don't entail real estate - I don't have enough confidence in its' long-term, residual income compared to other business models.

List the strategies you want to employ.

I'd like to start with wholesale flipping, but in order to get the REALLY GREAT deals for that I'll need some marketing money. So it seems I need to start with a couple of easy rehabs, since I've got the credit, and use the cash from them to really go hard with marketing.
I've started mailing to preforeclosures in my area (there's an average of two per month) and recruiting birddogs for vacants/rundowns.
Realtor license is in the works, and I can use the knowledge from that with what I've learned about CREI to get my first creative deals done properly and legally.

When do you plan to get started.

I started a few weeks ago by finding this site and reading the archives, even though I didn't understand a lot of what was being said. Marketing budget is zero right now, but I've already bought (and read) four books, with more to come.

What are the first five actions you plan to take to get started?

1. Begin education in a serious way
2. Get REALTOR license (taking the course now) for networking and knowledge
3. Get first deal done
4. Take care of administrative necessities - corporation, business cards etc.
5. Market like a madman and get some courses

What do you need to know before you get started?

What next?

What skills do you need to improve to become successful?

1.Bookkeeping (I know quickbooks but need better info on chart of accounts in regards to CREI - first course to buy)
2.Organizational

How much time you plan to set aside for investing?

As much as required. I'm currently self employed, with two non-traditional businesses on the go besides CREI.

Who can you depend on for support?

So far, just this forum and one friend.

Who will think you're an idiot for getting involved with real estate?

My wife, family, friends, cats...

What is your 4 biggest fears?

How much time 'till that first good paycheck?
If the first deal falls through, how to recoup losses and get a second going?
What if there're some legalities different in Canada that I'm not aware of through my current education (DMC and books)?
What if I can't find a buyer?

How much capital do you have set aside to get started?

zero. But I've got 50k in unsecured credit available. But I don't want to build up debt...

Do you plan to use partners?

If I can find any.

What are your top 5 strengths?
1.VERY fast learner - with anything
2.I understand how business operates, don't have employee mentality.
3.I've read and understand every top self-help book available, from Napoleon Hill to Dale Carnegie.
4.People seem to trust me immediately after meeting me.
5.Motivated enough to work my butt off with no rewards if it seems it'll pay off.

What are you top 3 weaknesses?

1.Inexperience
2.Lack of local support
3.Lack of capital

Credit score? Good? Bad? Pass?

I've got untarnished credit. That's no problem. But showing income... problem.

What are your reasons to invest in real estate?

To obtain $25k (Canadian) within 6 months for a development, then to have $75k after that set aside for a rainy day.

Do you want invest part-time or full-time?

Full time. I've got lots of time.

Are you good with people and one-on-one communication?

Excellent.
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#51 User is offline   jwalkenhorst 

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Posted 28 October 2004 - 12:48 AM

This site is unbelievable. I have learned quite a bit in the past week of reading over it. Anyway...

My goal for investing in real estate is to make money. I make a comfortable living, but my taste is outgrowing my salary, and I won't be able to contain it working for somebody else.
I would like to make some money immediately, but more importantly I want to build a portfolio for an early retirement.

I intend to aquire properties by auctions, calling/mailing people from lists, word of mouth, etc. I would like to do my own work instead of using contractors. I also have at my good friends that are plumbers, carpenters, ectricians, HVAC techs, that will help me

I want to get started sooner than later, as I have been wanting to get into REI for the past 7 years.

5 actions
1. Make this post
2. Read as much literature as I can:
*Internet
*Wade Cook's Foreclusre Book
*Newspaper
*Library
*This site
*I've ordered Bryan Wittenmyer "Hidden Secrets of a Real Estate tech"
3. Create my newspaper ad
4. Get my money together/stop spending money foolishly
5. Jump in!

I need to know exactly what is a sub2, and when/why is it applicable to a property. Same goes for a flip, lease option etc.

The skills I would need to improve is to not get discouraged and making sure I follow through

I plan to invest 30-40 hours a week of my time. I work 4 ten-hour days a week, which are at night. I can easily put in a couple hours at work a night, and couple hours in the morning beore going to bed. My weekend starts Sat morning at 8AM, and I don't go back until Tues night, 10PM.

I can count on support from my girlfriend and friends. My girlfriend's parents own 7-10 rental properties(40K-100K), some free and clear, so I can get advice from them. However, I think they,ve aquired their properties the traditional way such as seeing a house for sale, and buying it with traditional financing, while I want to "dig" for properties, which will give me greater profits. Her mother worked for a title company for 20 years and still has friends there and at the city courthouse.

I don't care who thinks I'm an idiot. I've been called worse.

My biggest fear(s):
Talking to prospects and having them figure out I'm green.
Losing my house/money
Having people say "I told you so"
Getting in over my head

As far as money goes, I have 8K in a 401K, I have 25-30K of equity in my house, a credit card with 6K limit w/ no balance, another 2K of credit on another card w/ balance, and good friend that would invest 5-7K with me if I asked him to, but I don't want to have any partners if I don't have to.

Strengths
*Creative/Crafty mind
*Logical thinker
*Knowlegable in Computers (searches, record keeping,etc)
*Math
*Spare Time
*Negotiating skills

Weaknesses
*Procrastinator
*Can be shy/timid w/ new people
*Temper/Hard headed

Credit should be Excellent to Good. It was low 700's a couple years ago.

I would like to be REI'ing full-time within 3-5 years

PS There is a Trustee's Sale on 11/08/04 and I was wanting to attend, if not make a puchase. Do you think it's too soon for me, am I too late to do all the required legwork??

Thanks for lettinng me post. Any comments, suggestions, or ideas would be appreciated. Thanks!!
-Jamie
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#52 User is offline   awesomenossum 

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Posted 07 November 2004 - 09:59 PM

It has been a long year since I last posted, and a lot has happened in my life since then. There were some good times, but mostly they weren't, but I'm much stronger now for having gone through them. Because of the things I went through in the past year, I wasn't able to focus on REI. It has been on my mind the entire time, and I've lurked here now and then (I even listened to the first Dave Lindahl call), but not until recently have I been able to focus on my dreams and goals in REI. I was so close last year to breaking through that barrier that holds newbies back from becoming actual dealmakers. Now is the time for me to DO IT. I am on my way to becoming a Dealmaker once again, and I have more help and support than I ever did before.

What are your goals for investing in real estate? Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

Both!

List the strategies you want to employ.

Short-term - I am initially focusing on wholesale flipping because I feel that is the easiest way to break into the game with minimum money and minimum risk. I will focus on motivated sellers (pre-foreclosures, divorce, new job, etc.). If one of these deals turns into a good L/O candidate or a small-scale retail flip, I will do that. I will not complete a full rehab until I understand them more.
I am in the process of becoming a RE Agent. I am NOT going to become a normal Realtor. I am doing this so that I have access to the MLS, for networking (and getting other Realtors to send me leads), for selling my houses, and to earn a commission on people that come to look at my house for sale and end up buying a different house listed on the MLS through me.

Long-term - I will start with accumulating L/O's. I may have some rentals, but they would have to be very close to where I live, and I would like that to also be near a University (since a student has many more options (family, student loans, part-time job) to come up with rent money than a family does). When I am able, I will also look into other passive income businesses.

When do you plan to get started?


Right now. I am currently taking the 60-hour class to become a licensed real estate agent, and I will finish that up before Thanksgiving. I plan on taking the test on Dec 11th. I want to have pretty much everything ready to go for my business by Thanksgiving as well, such as contracts printed, packaged and understood by me so I know how to fill them out and explain them to my sellers. I will also create a basic presentation and practice it in front of my friends so that I somewhat have an idea of things I will need to ask and talk about with the motivated sellers when I'm meeting with them. Also, I'll create a brand and use it in all my marketing so that people start recognizing my company, thus creating credibility. I am in the process of creating a marketing plan and plan to put in place soon after Thanksgiving.


What are the first five actions you plan to take to get started?

1) Take RE Agent Class (in progress)
2) Gather and understand contracts (organized into Buying and Selling packets)
3) Create and practice presentation
4) Create Business Plan (in more detail than this)
5) Create Brand and Marketing Plan

What do you need to know before you get started?

-Contracts - this has been a sticking point of mine for a while. Please help me out here. I'm not sure which contracts to use. I know they are listed in the Free RE Forms section on the website, but even that is a little confusing. I think I am partly confused because I have so many options. I own Mr. Preforeclosure, Bronchick's Nut's and Bolt's course, and I have all of the contracts offered here. Ad the fact that I will soon be a licensed RE Agent, and my confusion inflates.

-What Purchase & Sale Agreement should I use if I plan to wholesale? What absolutely needs to be in there, and what doesn't?

-When I become an agent, how will that effect which contacts I use? Do I then always use the Realtor Purchase and Sale Agreement, and then add on addendums to suit my needs? What addendums would I need to use? Would any other contracts be effected by me being a Realtor?

-When wholesaling, is it better to assign the contract, or have a simultaneous closing? In each case, do I need to use a trust?

What skills do you need to improve to become successful?

Negotiating, Networking (hence the reaon why I like the idea of becoming a Realtor-its easier to make contacts and network)

How much time you plan to set aside for investing?

A minimum 3 hours/day, usually 7-9 hours/day

Who can you depend on for support?

Girlfriend (extreamly supportive and helpful), you guys, friends, Mother, Brother, Aunt, Cousin

Who will think you're an idiot for getting involved with real estate?

People that don't know my capabilities - people that know me support me and understand and see why I doing REI

What are your 4 biggest fears?

1) Not using the "Best" contract
2) Not seeming credible
3) Not knowing how to answer a question
4) Doing something wrong once I become a Realtor to piss off the board of Realtors

How much capital do you have set aside to get started?

$4000 business budget
5 months living expenses set aside so that I can do this full time after Thanksgiving

Do you plan to use partners?

I'm not against it, but I'm not counting on it

What are your top 5 strengths?

1) Personable
2) Good Listener
3) Caring
4) Able to build rapport with people and put them at ease
5) I can relate with people facing foreclosure because I helped my parents out when they were facing foreclosure. I have seen the effects it can have on a family.

What are you top 3 weaknesses?

1) Organizing my thought/staying on task
2) Planning
3) Goal setting (my girlfriend helps me out with this and is very good at it)

Credit score? Good? Bad? Pass?

Not bad, but not great. I have a lot of credit card debt and some student loans, but I'm never late or miss a payment

What are your reasons to invest in real estate?

Freedom - which creates happiness for me
I enjoy helping people
This is much better than any "Real" job. I get bored with real jobs.
I like problem solving
This will lead to eventual wealth accumulation
I like dealing with people

Do you want invest part-time or full-time?

Full-time

Are you good with people and one-on-one communication?

Yes!

Thank you for taking the time to read my entire post. I asked some questions that have been holding me back (especially contracts), and I would greatly appreciate any help you can give me. I want to become a Dealmaker!!!

Thank You!!!
-Christian "Awesome" Nossum
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#53 User is offline   Miatta 

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  • City:Houston
  • State:TX


  • Level:New Investor

  • Hobbies: reading, art and training

  • Occupation: RN/Loan officer

  • Target Markets: houston and surrounding areas


  • My Goals: retire earl with financial literacy

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  • Niche: LIBOR rates

Posted 10 November 2004 - 11:57 AM

I am not sure I am doing this right but anyways. I need some minor maybe major advice . I gues we will see.

1. I am a new real estate investor. I just purchased my first rental property. It was 110,000 and it is valued at 150,000. I am paying 776 PITI and receiving 1250 in rent from the government. The property is on housing (HUD). It already had a tenant in the property when I purchased it. It is a townhome. Maint fees are 62.71 a month. I have a maintenance man I know personally to fix problems, for little to nothing. So I hope I am doing good so far

2. I started a LLC to have my property put in, I just do not know how to do it yet, or how to have it taxed S- or C corp, so I need some help on that. I am not sure if I should put it in a trust or what. I have bought many books, but they are all unclear so, I was thinking about purchasing Dychess or Bronchick on that, but I am not sure yet

3. I am a loan officer, so I know a bit of funding and financing, I have a real estate CPA, but I am needing a good real estate attorney

I am thiniking I am doing good so far doing it by myself and reading every book that passes my way, but I would like to know if I am on the right track.
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#54 User is offline   Stacyspear 

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  • Joined: 17-November 04
  • City:Acworth, GA


  • Level:New Investor

  • Target Markets: Metro Atlanta NW


  • My Goals: To close on 12 deals by Nov 05. Long term, be successful and own a horse farm/ranch.

  • Pets: Me!? Well my wife has a husband, 2 cats, and 2 horses!

  • Niche: Door Knocking! :) Fighting to get that first deal closed!

Posted 24 November 2004 - 01:22 AM

Hi,

I am a new investor in NW Metro Atlanta. Been reading the Conti/Finkel books for about 8 months. Got sent over to Kuwait in the middle of reading the first one. Which wasn't good for my motivation as I 'discovered' tons of negative press about them and REI in general on the web. Went to a conference and meet some peeps in the North GA REIA.

After hearing Dykes, BillC, and KimC speak, I am getting back to the idea that it DOES work.

You are encouraged to post your thoughts, plans, and questions about getting started. Each post should include as much of the following as possible...
[list]
[*]What are your goals for investing in real estate?


[*]Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

Short term - Earn enough to kick the JOB.
Long term - Be financial independent to have the freedom to spend quality time with family and friends and be at ALL of my daughter's school events.


[*]List the strategies you want to employ.

Short
CFD, Pre-Foreclosures/foreclosures, flip to retail and wholesale, shorts

Eventually migrating to the residual techniques of L/O, perhaps leasing out office buildings (a few on the market here in ATL with a lot of growth potential in the market), and once I have built up a sizeable cash reserve, I want to slowly move into the hard money business as well.

[*]When do you plan to get started.

Now! I have read a lot here (thanks to BillC newsletter that turned the light on). I have 4 apps in with hard money lenders to get pre approved. I ran an ad 4 weeks ago for 3 days, no calls (go figure). My LLC papers are at the state (I need to go local and get a business license I think, no time to check it yet). I currently have the VM that Finkel recommended but I can't seem to change the messages (they are set to what they want) so I am considering cancelling that and go with an inhouse system. Got Ma Bell coming to install a business line; signs are being made (not exactly sure what a bandit is though); I have forced myself off the interstate early on the way home so I can learn the community better; I have called about 20 FSBOs and Rent places using the Finkel techniques with no success.

Currently working with one realtor and made the mistake of agreeing to let her make the offer on the property. Although I explained in depth what I want to accomplish, we are hung up over using my contracts, and she thinks that I crazy to bid $90,000 on a house the seller insists is worth $320k. It needs at least $20k in work and needs a serious cleaning. She is my wife's friend but after tomorrow afternoon she may not be anymore. I will do my own deal work.

Got 3 letters out to other RE agents trying to get some relationships started. The guy I used when I bought my house seems to be game, but so did the other one at first :dance1:

Looking at advertising rates tomorrow and will order some cards (using the preforated ones currently and feeling that it seems unprofessional)

[*]What are the first five actions you plan to take to get started?

make the offer on that house
get my signs out, cards out, magnetic or etch window signs on my car
call, call, call
cutting back other things to put more hours on this
find motivated sellers to make the offers with

[*]What do you need to know before you get started?

I seem to know a lot, although my fear is probably my biggest stopping point currently. I have a case of paralysis so I better just get going, and study as my eyes are closing.

[*]What skills do you need to improve to become successful?

overcoming my fear of screwing up and succeeding
organization
just doing it
terminology (not really a skill, just want to talk the talk, while I am walking)
negotiation (I have been listening and implementing some of Tom Hopkins stuff)

[*]How much time you plan to set aside for investing?

20 hours per week (mostly on the weekends). I also need to start calling people while I am stuck on the interstate in traffic

[*]Who can you depend on for support?

wife, investor groups, and this place

[*]Who will think you're an idiot for getting involved with real estate?

in the beginning: mother, brothers, and most of the rest of my family, but that doesn't bother me

[*]What is your 4 biggest fears?

screwing up a contract!
not doing the proper due diligence
someone saying yes, and can't work it right
afraid that the fence has a leash on me and I will snap back just as I get to the bone

[*]How much capital do you have set aside to get started?

$12k in savings, $1500 in the bank. Thinking about selling our rental property in Germany or pulling out some of the equity on it (taxes are killing us)

[*]Do you plan to use partners?

money lenders only.

[*]What are your top 5 strengths?

dogged persistence
open minded
can see out of the box
not a quiter
good personality

[*]What are you top 3 weaknesses?

my train always starts slow
insecure about looking stupid with new things
analysis paralysis

[*]Credit score? Good? Bad? Pass?

good, over 700

[*]What are your reasons to invest in real estate?

replace JOB; have more time with family; want a big horse ranch (farm); want to retire in 5 years! :)

[*]Do you want invest part-time or full-time?

I want to be full time by 1 oct 2005

[*]Are you good with people and one-on-one communication?

mostly, I am tempermental at times :dance1:
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#55 User is offline   DaleoRepair 

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  • Location:Dayton, Ohio
  • Interests:Architecture, remodeling, rehabbing, new to REI, custom cars and railroading.
  • City:Dayton
  • State:Ohio


  • Level:Wannabe

  • Hobbies: Old homes, architecture, cars and railroading.

  • Occupation: Truck Driver

  • Target Markets: Dayton & Greenville, OH

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  • Niche: Rehabs/remodels

Posted 24 November 2004 - 04:02 PM

Well, I’ve posted before and tried to get off the fence. But instead, I started going to school full-time and operate an online home business. But now, I have to wait to do anything until after the 1st of the year because I am moving to Florida. So now, after figuring out everything that has to be done in Ohio, I have to learn new things, along with the area in central Florida. I really want off the fence, so I hope things will work out for me when I get down south. Well, I’ll make it work but it just might not be very smoothly. If anything, I’d hope to get to work with a rehabber to pay for a roof over my head and put food on the table, or find a good paying job really quick.

But to answer the questions. . .

• What are your goals for investing in real estate?
o To live comfortable. I’m not expecting to get rich quick, just a decent income of $4000+ a month on average.
o I want to also get the capitol to start a construction company building homes using “newer” methods and materials. (Ex. Metal studs, SIPs panels, cement core foam, etc.) I’m in college taking architecture tech, so that will be a help.
o I want to also help get my parents into a better home that isn’t falling down around them.
o I want to be able to afford to do more in the hobbies I enjoy.

• Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cash flow)... or both.
o Both. I need short term cash in flips and light rehabs now to build capitol to help fund my long term wealth and cash flow with rentals and other held properties.

• List the strategies you want to employ.
o Wholesale and retail flips, and light rehabs to start.
o CFD, L/O and rehab for rentals and/or retail.

• When do you plan to get started?
o As soon as I move, or when I go to investigate the area if possible. I’m moving to central Florida in Brevard or Orange counties. So, since it was unplanned, I have just enough to get there and working on enough for rent or to buy no money down. But as an unemployed college student with no money, that’ll be difficult. So, the planned date is around January.

• What are the first five actions you plan to take to get started?
o Get a better understanding of how the Sub 2 and pre/foreclosure process works.
o Take a day or 2 to drive the new area to get a basic feel for where will be a good area to invest.
o Get in touch with the local REI group and talk to members about the area.
o After I’ve settled some place, put ads in papers, if funds allow or birddog for some cash.
o Get business cards made with my website, email, Kall 8 number and other important info.

• What do you need to know before you get started?
o Mainly, the new area I’m moving to, Orlando/Melbourne/Palm Bay.
o Contracts. What to use, when to use it and the order of the process for each type of deal from meeting the seller all the way to closing and/or selling.

• What skills do you need to improve to become successful?
o Talking to people without getting sidetracked. I tend to jump subjects or leave info out, or get it backwards, when I get to talking. I have too much info in my head.
o Negotiation with sellers. But that should be taken care of within the first few times I meet with sellers.

• How much time you plan to set aside for investing?
o Since I’ve been a full time student and have a home business, I haven’t had much time now. But when/if I move, I will be able to devote at least 85% or more of my time between making ends meet until my first deal and sleep.

• Who can you depend on for support?
o Family and this board when I have time to post. But I may not have much computer access at first except for a library or Kinko’s.

• Who will think you're an idiot for getting involved with real estate?
o My friends already do since I talked about getting into it before I started school, but never did a deal to show them it’ll work out.

• What are your 4 biggest fears?
o Failure to do the correct processes for each type of deal. Using the wrong contracts or trying to do things in the wrong order.
o Talking to people with out confusing them, along with myself.
o Not being able to find any decent income when I move and end up having to live in my car. Seriously.
o Being told I can’t do this, and I’ll fail, and get a “real job”.

• How much capital do you have set aside to get started?
o Unfortunately, I have $0 except my travel and initial hotel money. Unless my home business picks up before the holidays, I’ll be at about the same place when I leave in January. All I have to my name is my car, my tools and the clothes on my back.

• Do you plan to use partners?
o Money partners that are willing to work with me in the beginning and on larger deals I may not have the reserves for.
o Possibly a partner on the first few deals so I can see and do the right things in my solo deals.

• What are your top 5 strengths?
o I’m good with people and listen to their needs.
o I have skills in every area of construction and architecture, so rehabs are not much of a problem.
o I like to do research. This will help in my due diligence when working on a deal.
o Finding the diamond in the rough. I do it with cars all the time that I find for a few hundred dollars and sell after repaired for almost double. But I want out of automotive and on the “bigger fish.”
o Problem solving. A skill you gain when in automotive and construction, and when I worked for the railroad.

• What are you top 3 weaknesses?
o Talking to people. I can listen, but I get jumbled when speaking to them. See previous answers.
o My own self defeat perpetuated by others telling me this doesn’t work and I need a “real job”.
o Procrastination. Mainly because of the first 2 above. I’ll do the research, but not take action.

• Credit score? Good? Bad? Pass?
o You don’t want to know. A car accident and following judgment really put a dent in my credit. I’ve seen higher scores in NBA games. Ok, maybe not. I am trying to change that though. I’m finally able to pay on the judgment what I can and I’m getting rid of any other debts that pop, up one at a time. Some I forgot about or thought were paid off. So right now, I only have insurance and the judgment to pay on at a total of about $120 every month. I live with my parents for now while I’m in school and until I move to Florida.

• What are your reasons to invest in real estate?
o To build capitol and income so I can eventually live someplace other than the ghetto and be able to start my life off fresh in a new area with a new career that will actually lead somewhere.

• Do you want invest part-time or full-time?
o Full-time and then some. If I can jump in and have at least enough the first 6 months to pay rent/mortgage and build capitol to buy more properties, then I’ll be happy.

• Are you good with people and one-on-one communication?
o Yes, but it could be improved upon. I was in retail sales at a few auto parts stores and a pawn shop, and I dealt with just about every kind of person imaginable.

I wrote this all and saved it in Word so I can go back and either check things off or change plans. And after writing this, I want to get going ASAP. It’s like a good kick in the pants to get moving. But I can’t leave for Florida or do anything locally until after next week because of finals and jury duty. So I'm doing as much research on the area as I can from 1000 miles away.
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#56 User is offline   MrFocused 

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  • Hobbies: Real Estate, Reading, Sports/Gym

  • Occupation: Computers

  • Target Markets: Philadelphia, Surrounding Suburbs


  • My Goals: Be self employed

  • Pets: One Cat

  • I can let my life pass me by or...

  • Niche: Foreclosures to start, but ultimate goal is Real Estate Development

Posted 29 November 2004 - 11:09 AM

Ok here goes:
My current situation is that im a recent college graduate who is currently working for a company at an entry level positon. The pay is so little that I can't live off what I make.

[*]What are your goals for investing in real estate?
My goals for real estate is to start two companies both at the same time, one which will be investing in foreclosure real estate(single family homes), and the other is an investment and development company that deals with opening and developing businesses in underserved urban communities and up and coming areas (which is also real estate).

[*]Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
The foreclosure business is more short term (for cash now), and the investment and development company is long term(something that will build real wealth).

[*]List the strategies you want to employ.
For the foreclosure business I want to invest in preforeclosures, Sherriff sales, and REO properites. For preforeclosures I want to be an all cash closure, someone who can close on a property within weeks on a pending sherrif sale. I live in Philadelphia where currently more than 600 properties go to sherrif sale each month, and my goal is to buy one property a month from these people. The other company I want to start with buying or opening a few businesses to gain respect and then my goal is to 50/50 partner with a franchise (like a starbucks or Friday's) to develop and open businesses in areas where needed. Other long term strategies include developing hotels, mini malls, and entertainment complexes.

[*]When do you plan to get started.
By Jan 2005 I will have resistered both companies as LLCs(I am a one man company for now)

[*]What are the first five actions you plan to take to get started?
1. Resister companies
2. Complete all business plans
3. Hire a team of advisors
4. Network
5. Financing

[*]What do you need to know before you get started?
I spent the past year reading and learning as much as possible, but you can only read so much, so I will be learning on the job.

[*]What skills do you need to improve to become successful?
Sometimes I get down on my self about my current situation(mainly not having money), and sometimes I feel like I went to school for 5 years and only have a 25,000 a year job to show for it. I know I just been out of school for less than six months, but I hold myself to higher standards.

[*]How much time you plan to set aside for investing?
After my 9 to 5 job, every night and my weekends, I don't plan on having free time.

[*]Who can you depend on for support?
My mom and girlfriend for emotion support, but no one for financial support.

[*]Who will think you're an idiot for getting involved with real estate?
Noboby, I don't keep negative people in my life, they will only hold you down.

[*]What is your 4 biggest fears?
1.Being in the same postion I am in this time next year
2.Being in the same postion I am in this time next year
3.Not having extra money to help my mom out so she don't have to work hard until she's 80.
4.Not being a success as fast as I want to (two years)

[*]How much capital do you have set aside to get started?
I have money set aside to resister my companies but thats it, the rest of my money goes to pay my rent and living expenses.

[*]Do you plan to use partners?
I haven't met any one with the same goals and drive that I have, so I plan on just relying on my legal and financial advisors for now.

[*]What are your top 5 strengths?
1. The ablilty to see opportunites. I bought "business plan pro" as a graduation present for my self, and I currently have 6 business plans that I have written, everything from a real estate to a car wash
2. Multitask
3. Management skills
4. Driven
5. Driven

[*]What are you top 3 weaknesses?
1. Financial. While I have all of these great ideas and business plans I have no money to fund any of these ventures.
2. To hard on myself
3. inpatient

[*]Credit score? Good? Bad? Pass?
Did I mention I just got out of college? is this a trick question?

[*]What are your reasons to invest in real estate?
I have a great passion for it, and even opening a business has to do with real estate (location,location, location)

[*]Do you want invest part-time or full-time?
Full time, there is no part time

[*]Are you good with people and one-on-one communication?
I never had a problem talking to people.

Thanks in advance, I came across this site be accident but I will post as many question as possible in the future, and if anyone is in the Philadelphia area and wants to discuss business ideas or brainstorm shoot me an email at mwilli79@hotmail.com
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#57 User is offline   NoMoneyDown 

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Posted 29 November 2004 - 02:23 PM

What are your goals for investing in real estate?

Financial freedom.
Quitting my JOB.
Spending more time with family.
Bigger home.
Travel.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

Long-term.

List the strategies you want to employ.

My main focus will be on ventures that produce steady cashflow. Mainly rentals and L/O's with SFH's, but later moving to multi-family units (duplexes, 4-plexes, apartments) and commercial RE. I will also wholesale flip for increasing cash reserves as well as rehab work when I have more time devoted to it.

When do you plan to get started.

While I have not yet made my first deal, I feel I have already "started" along the path. I plan to attend my local REIA meeting in December, and will network with other REI's to get my name out.

What are the first five actions you plan to take to get started?

1. Network at local REIA meetings.
2. Draft a game plan, listing my goals, milestones, etc.
3. Start locating preforeclosures and abandoned houses.
4. Design, order, and hand-out business cards.
5. Start building a team (lawyer, CPA, title company contact).

Hmmmm. I notice 4-of-the-5 are marketing.

What do you need to know before you get started?

I think I know the gist of what I need to do. My only barriers are I have no team set up yet. So, if I were to even make a deal tomorrow, I would have to scramble to get the deal closed.

What skills do you need to improve to become successful?

Most definately interpersonal and sales. I am very good at talking to strangers, and can empathize with people. However, I have to train myself to understand my business isn't charity, and I need to stand firm on what it is I am accomplishing. While helping sellers out is paramount, my needs come first.

How much time you plan to set aside for investing?

Unfortunately, not enough. I have a JOB that takes up 10-12 hours of my day. I also am married, and have a beautiful 20-month old. When I come home from work, I sometimes only have just a few minutes to myself to do anything. Realistically, I'd say I have about 4hrs/week, but could probably extend it to 10hrs initially. My wife isn't very receptive to REI, but I figure once I make my first deal and show her the reward, she will become more of a partner than a barrier.

Who can you depend on for support?

Right now, only people on the internet. I am chatting with a couple of people via email regarding REI, whom I've never met face-to-face. We are all relatively new with REI, so we are essentially supporting one another.

Who will think you're an idiot for getting involved with real estate?

My wife right now. I've only mentioned this to her and a close friend. The close friend seems suspicious, too, though. He and I have always talked about starting a business together, and when I mentioned REI, he didn't seem too responsive. Again, I believe once I make my first successful deal, he'll 'get it'.

What is your 4 biggest fears?

1. I'm the world's worst saleman. I'm afraid my emotions will interfere with what I need to accomplish. This is perhaps my biggest fear.

2. Legally (but not intentionally) screwing something up. Not getting something signed or forgetting to file something, or one of a thousand other things that could go wrong during a deal in which I could be held liable. Once I get a lawyer on my team, though, this fear will subside.

3. Setting my goals too high - or, not achieving the milestones I've set.

4. Procrastination. I fear all my efforts will be for naught as life once again takes control over me instead of vice-versa.

How much capital do you have set aside to get started?

Honestly? Nothing. I have cashflow from the job of roughly $1,000/month, but that is usually used to pay off (bad) debt.

Do you plan to use partners?

I want to mainly to act as the saleperson. My good friend is one of these types of people. However, he seems reluctant to hop on board. My wife DID mention in one of our rare conversations about REI that if it ever transpired, she'd like to be a part of the business. She used to work for a millionaire commercial RE broker as his administrative/marketing assistant, so her skills are definately in the same arena.

What are your top 5 strengths?

1. I can empathize with people. This can also become a top weakness as well.
2. I have excellent credit. I throw away 4-7 credit card offers per DAY.
3. I know people in construction. I used to help my father-in-law lay ceramic tile for years. He was a master tile setter, and I can either learn from him or he can help me (he's now retired). He also knows a lot of people in the construction business who could probably help on rehab work.
4. Quick learner that retains knowledge well.
5. Know people who have money.

What are you top 3 weaknesses?

1. Sales. I've always steered away from jobs/opportunities where knowledge of sales is paramount. In this venture, its definately paramount.
2. Slight case of Social Anxiety. I can talk to strangers without any problem, however, when its 2, 3, or more at the same time, I become very nervous.
3. I'm a Gemini. I know, its not really a weakness, but I find that I have a bad trait associated most with Gemini's: they never seem to finish something they start. I did make a plan to finish college, and stuck with it, though.

Credit score? Good? Bad? Pass?

I am in the process of getting my score now. Judging by the amount of offers I get per DAY from companies, I'd say my credit score is high. I applied for a Lowe's card last year because I got 10% of my purchase (which was ~$1,000). The lady said my credit limit was the highest she'd seen ($15k).

What are your reasons to invest in real estate?

Mainly, to be my own boss and to get out of the rat race. I am a software engineer, and lately my field of work has been going overseas in droves. I fear if the economy continues, it will only be a matter of time before I get laid off like so many of my colleagues. I hate having to rely on someone up the food chain deciding how much I get per month, if anything. I want to have control over how much I get. Also, I want the time to enjoy life the way I want to. Not having to rely on saving up vacation days in order to spend extended time with my family.

Do you want invest part-time or full-time?

Definately part-time initially. One general rule I've found is that once your passive income exceeds your expenses, you are at the point where you can do almost anything you want. When I get to the point where my JOB is becoming more of a hinderance than a financial support vehicle, I will invest full-time.

[b]Are you good with people and one-on-one communication?


Yes. Its when I have to talk with 3+ people at once, and I'm the center of discussion, that I start getting nervous. Its like I become two different people.
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#58 User is offline   Mike N 

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  • City:Brandon
  • State:Florida


  • Level:New Investor

  • Hobbies: Love outdoors,running and reading here and there

  • Occupation: I work for a consulting firm for real estate brokers as a senior advisor.

  • Target Markets: Tampa, Florida


  • My Goals: I currently want to have my wife quit her job and persue investing wuth me full time. I would also like to have enough cash flow to pay for my monthly expenses

  • Pets: We have a Pomeranian who is the love of our life

  • I don't really have one, but I do like the Nike motto of "just diong it".

  • Niche: We don't have a niche but have started out doing flips which are o.k.

Posted 01 December 2004 - 10:30 PM

Hi Matt,

I just signed up as a newbie investor and have been a lurker for about 2 months or so. I have had the opportunity to look over your sight and the discussion forum and must say they are very user friendly. I wanted to take this time and discuss my outlook for 2005.

My goaals for investing into realestate are to liquidate the 3 properties my wife and I own by the end of this month. We actually already have 1 sold so we are off to a good start. For 2005 I want to look more into simultaneous transactions or as you may refer them as assign to transactions. I have heard people who have made a decent living just by doing this alone. As a part-time newbie I would appreciate all the advice you can give on these types of transactions.

Our goal is both short term and long term. I have the comfort of being able to work from home for a consulting company which provides training and support for realestate brokers and my wife works for a travel agency. I enjoy the company I work for but my wife would like nothing more than to stay home. I already know we can build a nice income for both of us for the long term as well.


Right now our strategy is to sell our properties and use some of the profits towards other investments as to what that may be is still up in the air. I have read the Miami market has seen a significant increase in new and pre-owned sales. It's something we're going to have to decide on very soon as to what direction to move in.

The good thing for us is that we have already conquered our fear of buying our first investment property. What I can say is that it has been a learning experience since our first rehab project was a major one. We basically started with a shell and pretty much did everything else. For 2 people who have never done this before I am very proud of the sweat equity that we put into it. The outcome is a nice place for someone to call home.

Right now since we have a little experience underneath our belt we just need some direction of where to go next.

This question as to what we need to know applies to the above statement.

I believe that knowledge is power and the more we continue to read along with websites like yours for investors is crucial to our success. I can tell you that we did attend the Russ Whitney Seminar and spent approximately $1,900 which for us we didn't have at the time but was definitely worth the investment. The course has already paid for its self.

As far as the time we have to spend is approximately 15 to 20 hrs. during the week and all day Sat and Sun.

Our support comes from each other and those we have affliated ourselves with who are investors and partners of ours.

Honestly I don't get a negative response from people when I tell them what my wife and I do. Then again, I work in the same field as alot of these people.

Our 4 biggest fears would be
1. Getting involved with lenders/realtors or other investors who try to take advantage of the newbie.
2. Not having enough product knowledge
3 Making a misinformed decision and living to regret it.
4. Not moving quick enough.

In the beginning on our first investment property we were able to partner up with another investor who provided us with the upfront costs of the downpayment while we provided securing the loan with our credit and the sweat equity that went into the rehab project. So at this point, after we have sold all 3 of our investments we will have about 30k to work with.

I must say that having partners has worked well for us and we are definitely opened to working with new partners so anyone interested in the Tampa, FL area in partnering up please email me.

Our top 5 strenghts are:
1. We are both very people orientated.
2. We stick to our goals and try to accomplish them in a timely manner.
3. Always striving to better ourselves.
4. We've just about built our power team which consists of our general handyman, plumber, electician, roofer, realestate attorney, CPA, painter, and we would be happy to recommend any of them.
5. We have the support of one another.

Our top 3 weaknessess are:
1. Not knowing enough about our local market.
2. Lack of knowledge.
3. Not sure of what direction to go in that best suits our needs.

Our credit scores are very good (upper 700's)

The reason why I chose realestate investing as part of our life is because I can't seem to find a more profitable ROI regardless of market conditions. Not to forget to mention it gives us the opportunity to spend time together and have fun at the same time.

We both want to invest on a full time basis.

That question is simple and the answer is yes we both have excellent people skills and love to see other people succeed as well. Our business and personal lives require us to communicate with people on a one on one daily basis.

Well, I hope I have chewed your ear off enough and hope to hear from you soon.

Your Friend, :censored:
Mike N.

P.S. Have a wonderful holliday season and a safe one too!!!!!!!
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#59 User is offline   Ruben 

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Posted 10 December 2004 - 04:00 PM

Well here I go I'm fairly new to investing in RE. I've thought about it for a while but had some family emergengies come up in the last few years that forced me to work full time. I've gotten back on track as far as money wise goes but now my mother is having money problems. I've come to the conclusion that just working for someone else won't give me any security my family and I are looking. My wife just got laid off again and I realized that it could have been me also then we would really be stuck in jam. I currently have a mortgage on my current residence and have about 300k in equity. I'm not sure if I should pull money out of there or just get a seperate loan. I plan on moving to my inlaws who also need some help and in turn having my mom live in my houses. I'm thinking of refinancing my 15yr loan to a 30yr loan and do a LTO type of deal with my mom. I'm hoping by doing this the bank will lend me more money at better rates. Since alot of the risk would be eliminated. Let me awnser some of the questions posted to give everyone a better idea of my situation. I would also like to say that I'm glad I found this site you all seem like very nice giving people. I really do like that you know what they say what goes around comes around. I hoping to contribute an any way I can. Thanks in advance to everyone here.

What are your goals for investing in real estate?
My goal is to build up enough passive income to live off of and accumalate some wealth. Don't need to be no Donald Trump but I would like to be able to do the things I love with those I love while I still can.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both?
I would have to say it's a little of both but mostly the latter. My mom isn't in the best of shape when it comes to money and often needs help with her bills.

List the strategies you want to employ.
I would like to first flip a few properties or do some fixer uppers to generate some cash and not get any further in debt. I then would like to purchase some apartments I know alot of people who could use some affordable housing around here. I want to pay off my house as soon as possible to elevate some of the financial pressure on my mom.

When do you plan to get started?
I think I'm ready I've been ready up on this for a while now. I also have been asking the 2 people that know about these things. Still kind of uncertain about a few things since one of the guys who I talk to is just starting and my other buddy moved to the east coast and are schedules make it hard for us to talk very often. My main concern is not to lose what little I have now. I would hate to put anyone of my loved ones in a worse situation than we are already in. But I figure if I don't try I won't succeed.

What are the first five actions you plan to take to get started?
1. First is figure out how to get money for first deal (refinance current loan or get a new one)
2. Decide if I should maybe start up a business to try to generate some cash or take out some cash from equity. I think if I start a business up there's no guarantee I will be successful and it may just take me longer.
3. Already started doing some price comps and looking into rent average's around here and across the country.
4. Next is to find out where I can find vacancy rates for the area's I'm looking at.
After I decide what area look into any legal issue's that may arise (look into local and state laws for the area)
5. Start figuring what the best method of marketing would be.
Also will start this weekend making contact with a few RE agents to start picking their minds and to get some terminology down.

What do you need to know before you get started?
I guess alot of what I posted above as far as getting more info on vacancy rates local and state laws. Best method of advertising.
I need to know what type of questions to ask and what kind of awnsers I should give.
I also need to find out where the best sources for leads are I know of the local tax collector office and some bankruptcy attorneys. Just not sure on how to approach or what to ask.

What skills do you need to improve to become successful?
I think I would need to improve my communication skills and sales skills.
After those I would have to improve my research skills.

How much time you plan to set aside for investing?
For now 2-3 hours after work and weekends. If I do decide to move to my inlaws to help them I may just have my wife or myself quit one of our jobs and do this fulltime. Since I'm pretty sure we could survive with one income. Since my mother will pay for my current mortgage which is less than what see currently pays in rent and we would be paying off 1 car payment and the inlaws utilities.

Who can you depend on for support?
To be completely honest I don't think anyone other than myself. I have my 2 friends but they are pretty busy themselves the one guy who lives near by is very busy while the other is usually already alseep when I get home. My wife but she sometimes get discouraged. I've spoken with her and told her my plans. I also explained that if she doesn't believe in what I'm doing to just please step aside and let me do what I have to. That is the reason for us moving to her parents house so I can take this risk while lower the damage risk.

Who will think you're an idiot for getting involved with real estate?
I don't know who would think that I don't really care what others think. I just care about what I have to do and what I think is best for my loved ones and myself.

What is your 4 biggest fears?
Losing what little I have now
Not being able to provide the basics for my family
Rushing into things and end up in a bad deal
Getting into some legal trouble cause I was careless or didn't do enough research

How much capital do you have set aside to get started?
I currently have about 5k and about 8k in things I'm currently selling like my boat and my second car. I know they where a waste of money which could have gotten me started. But like a good friend tells me mistakes is just another word for experience. I'm in the process of liquidating what ever I don't need.

Do you plan to use partners?
If needed I may go out and look for some to help reduce the risk to myself.

What are your top 5 strengths?
I'm a hard working
I'm honest
I'm able to focus when really determined
Able to organize others
Have a good pool of resources as far as handy men. I have family that does drywall, electric work, have good contacts with roofers

What are you top 3 weaknesses?
Not good when it comes to talking to crowds
Not being able to decide on which path to take which is only delaying me from moving forward
Lack of sales experience and marketing

Credit score? Good? Bad? Pass?
Average about 670 going to work on it in the next month don't have any credit debt. Only debt I have is my mortgage and one care payment.

What are your reasons to invest in real estate?
Peace of mind knowing that I don't have to rely on a job to survive.
Help my mom and my siblings get out of the rut they are in. Since the kids have no say in that matter.
Being able to have a child with my lovely wife and not have to worry about how I'm going to support him or provide for him.

Do you want invest part-time or full-time?
Eventually full time as soon as I can support myself doing it.

Are you good with people and one-on-one communication?
I think I am although I know I could always improve 1 on 1 is probably the best situation for me.

Sorry for the long story and any information that I posted that was not needed. Once again thanks to everyone here for listening and your input would be apprecieated.

This post has been edited by Ruben: 10 December 2004 - 05:14 PM

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#60 User is offline   Losonpoint 

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  • Target Markets: Raleigh, NC and Lakeland, FL ( where i go to school 9months out of year)


  • My Goals: 1.) To buy a home in FL or NC flip it and profit, 2.) I need of a car so hope fully that will be paid in cash 3.) To be a full time investor... NO JOB

Posted 31 December 2004 - 03:17 PM

Hello DMC,

First of all I am really impressed with this website and the commitment from the e-community that has been established here. I am still in college and have about 1 1/2 to go ;)...How exciting is that. I have alot of goals and aspirations but i will get to those in a minute. My parents live in NC and I am in school in Lakeland,FL 9 months of the year. I have tried plenty of business opport's and even ran some. They all lead to the rat race which is what im really trying to avoid.

This past semester i decided to take an elective that wasnt in my Business Courses for my undergrad degree. I took "principle of Investments". (Okay i have to admit..... yes i wanted to play wallstreet/ and had dreams of becoming a broker and eventually an investor.) The course was extremely hard with all these formula's,methods, # etc... At the end of the 16 week course that i had been attending 3 times a week (well I attended 43-48 clasess ). By the way my proffesor is a really really genuis guy with #ing and valuing stock. Come to find out the last lecture was a mathless lecture, he talked about Investments in broader general terms, saying that if you are struglling or not to sure about the markets invest in REAL ESTATE. OMG my life have changed in a blink of stinking eye. I couldnt wait to get out class to hop on Google to look up what ever REI was all about.

Ladies and Gentleman , this little story took place this december infact two weeks ago. I found out this site from some person i never meet on the net saying it was a good spot to start. Well here I am ive allready printed the MUST READ articles and read them few times for the last few days. My parents are curious because they see a new ambition in me, my GF is supportive. All I lack is money and some knowledge, but i can work on that. From this website i allready know alot more than i did yesterday!

I really want to express my grattitude for everybody on this website. I think one reason why this site is up and running still for so long is because not only is the ADMIND of this site Honest, but everybody in here seems to be real not phony, honest, insightful about the word INTEGRITY. :angel:

Okay enough of the cuddly stuff......
Since everybody is honest and downtoearth, i think i can only show my respect and be humble about my situation.

I am a College Student of course, i really dont have alot of cash the only cash i have is from my refund check from the loan. I start a waitering job @ the Ale House in FL when i go back in Jan 14. So that is my only income, i sold my Mobile Detailing Business that really didnt get to far because i decided to finish my education and sell the business in order to move to FL. I use that money toward school :dry: . I cant wait because i found out that there is a REIA group in FL that meets every Tuesday. So I know i can network with them and find some nitches in the market, get some good contacts, develop relationship with investors etc... So where do i start ??? My family is whatever attitude about . Pops is work for your money type of guy and mom is the Listen to your father type of mom. My credit is retarded because i played with department stores when i was younger. Im 21 now so i want to be able to have a business establish before i get out of school.

Here are the ? from the man Deal Maker



What are your goals for investing in real estate?

HA HA HA Thats a no brainer. To be Financial Independent, To be able to be my own boss, To have time to prepare for a family one day, To be an example for others that want to get out of the rat race and last but not least to be very profitable only to support my family,church, and others. ( Man it feels good to reflect on that ?) :)

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
Well right now imdiate cash flow, to buy a few things i need like a better car,computer, books, But defiantly to establish a good short term income that leads into a longterm wealth, and eventually funding investments with my own capitol
List the strategies you want to employ?
To buy some house from a motivated seller, to offer them a price and to sell it retail. I have construction expierience so that could help me on rehab cost if work is needed.

When do you plan to get started?
ASAP ASAP ASAP.... Right now my problems is that im driving 125 mph. i need some good direction dont want to hit a brick wall. I am not going to be a kid on the fence twiddling my thumbs. Also i dont have any money to invest in educational courses and books,so im realy on this website and from others.

What are the first five actions you plan to take to get started?
1.) Meet with my local REIA group ask them for direction.
2.) drive around the area i go to school in FL, find the ghetto spots ,the nice spots, the blue collar worker neighboorhoods, the high volume areas.
3.) Find some realtor to give me the overal market value in some specific areas
4.) Marketing, Marketing,Marketing, thats what im studying so thats will be no problem for me :D My treo 600 is ready for people to call. ( speaking which i need to boost up my cell phone plan for more minutes !!!)
5.)Go to the public records place in my county and see where they where houses that were rehab and contact that company and find out some #'s

What do you need to know before you get started?
Where the Heck i can FINANCING, i know this site has some good info on Hard Money Lenders and Private Money. But just like some sitting on the fence i dont want to read so much, i want to some one to direct me where i can really find some one that has gotten a Hard Money Loan. And How it work out for the investor. I mean can a 21 year old with bad credit get a Loan ? with no cash ?2.) Just all the Legal Paper Work that goes along... Im only 21 years old never have i bought a house or big ticket item in my life :)

What skills do you need to improve to become successful?
To be honest maybe more math skills
Expierience in my opinion is a skill and its also what i lack
Lack of not knowing anybody in this business

How much time you plan to set aside for investing?
Well after my college classes 3pm everyday/weekend.
Im going 125 mph, im putting my heart and soul into this business, i know its going to work... Put it this way I cant afford not to invest time into this and everybody starting out should be doing the same way.

Who can you depend on for support?
My Girlfriend, roomates, hopefully this REIA coming and NOW THIS AWSOME WEBSITE any one negative has to go even if it is my mom and dad sometimes

Who will think you're an idiot for getting involved with real estate?
I can give a flip what they think, because 9/10 times they are working for a boss, stuck in the rat race. No freedom a high paid slave. A donkey chasing a $ sign. ( sorry kinda of sensitive on the subject)

What is your 4 biggest fears?
1.) not valuing the house right, and losing money on it
2.) No being able to get financing because of age/lack of credit
3.) Legal Maltransaction, filling out forms incorrectly
4.) Not able to find potential properties because of other REI another words competition will eat me alive becuase i dont have alot of expiereince

How much capital do you have set aside to get started?
Well I nada, zilch, zero, 0 nothing. ( what an exciting ?) But hopefully i can probably save something ,like if thats going to be usefull ??

Do you plan to use partners?
Well im open to it more less a partner/mentor to learn from so i can shadow him/her

What are your top 5 strengths?
1.) Entrepreneur minded
2.) Great people skills
3.) Father was a General Contractor so he shows me how to fix/repair
4.)Bilingual in spanish/English
5.) Desire to succeed,ambition, selfmotivation,perserverance i think all that falls under DESIRE

What are you top 3 weaknesses?
1.) Poor Credit
2.) Not good in Math
3.) Lack of expiereince

Credit score? Good? Bad? Pass?
well im actually trying to get some credit cards and a car loan to improve my credit but overall is about a Poor 654.

What are your reasons to invest in real estate?
Ive studied lots of investments industries, to many but real estate is just a easier concept, a tangle product. Real Estate provides more capitol but its consistent. It has produce tons of wealthy people. Is the main principle rich people invest in assest, the poor invest in liabilities from rich dad poor dad.


Do you want invest part-time or full-time?
Besides school @ least 20-30 hours a week

Are you good with people and one-on-one communication?
I Have no fear with talking people, one on one communication is not a problem, hopefully if real estate works well in the long run i can help with the political arena and there i will also need people skills and one and one skills.





Thanks alot for letting me answer those ?;s now everybody knows about my humble life. If there is any body that wants to shoot me an email to reply to this thread in specific, or to give me advice, share ideas, or even to talk business in local area, shoot me an email.
- Cortez
O yea i didnt proofread my reply so im not the best writter :)
[/I][/B][/B][/B]
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#61 User is offline   sandhillscapital 

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  • Location:Pinehurst,NC
  • City:Pinehurst
  • State:North Carolina


  • Level:New Investor

  • Occupation: Realtor

  • Target Markets: Sandhills and Triad - NC


  • My Goals: To be a Full Time Investor

  • Pets: Dog - Sandy

  Posted 08 January 2005 - 06:53 AM

Hello Dealmaker,

I've been reading from forums here at DMC for a little while off and on, and I'm still very new to the "big picture" of putting deals together. I'm just wondering if their are any active Investors out there from N.C. I've noticed that Drew is from Raleigh and Gunny is down in Cherry Point. I've tried the email button on their posts, but it doesn't give me access for some reason. I'm in sandhills area (Pinehurst). I do have a little background in real estate(just got my license), but it doesn't take a rocket scientist to figure out two things.

1) The majority of the agents I've met, unless they own the firm are not making a great deal of money and have a ton of expenses. I think it's just one aspect of the market I'm in here, it's very unique.

2) Owning or controlling real estate can pay better, short and long term, if done properly, which I'm hoping to learn more about here on DMC.

I'm looking to turn some short term deals to cut my teeth and create a little more breathing room financially. And, as my experience and resources grow, look to hold some properties for long term cash flow and get into buying some notes.

I have a few contacts here in the sandhills area that are wiling to invest in anything that will make them money, so I'm setting up my money partners now.

I'm a little strapped for cash at the moment, but I did line up another job selling Directv which I did for 3 years, and it allows me to make around 125K a year. This will not only give me the breathing room to focus on more deals, but also allow me to maybe get involved with some deals without a money partner sooner.

If Drew or Gunny see this post, I'm just curious if there is a particular entry strategy that seems to work best for this area with preforeclosures and what type of purchase contract do you use? Is it a standard NCAR Offer to Purchase? Do you do sub2 or CFD?

I will place some ads next week and talk to sort some sellers to find some motivated people next week.

My goals are to do my first couple of deals during the next couple of months(hopefully sooner than later) and get more and more proficient at sub2,CFD,L/O, etc. to the point that I can offer many different solutions to any situation or opportunity that may come my way. I also look to have a network of cpa's, attorneys, other agents and such, by the end of the year that will refer me deals that happen to come their way.


Also, I have been to my county's public record sites, but I can't seem to find out how lis pendens are listed. Any guidance is greatly appreciated. I did look through the different recordings at the county site and found all the entries where the lender records substitute of trustee(trust deed state) before they start proceedings.


Anyway, I am still reading the archives of course and will continue to do so to get sharper, but I won't take time out that I would use to place ads and talk to sellers. I will stay proactive. I just wanted to say hello and say thank you to Dealmaker for such an Incredible resource he has created for us here, and I look forward to talking with all of you more. Thank you in adavnce for you guidance and advice.

Scott
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#62 User is offline   GabrielGibson 

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Posted 10 January 2005 - 08:08 PM

What are your goals for investing in real estate?

Eventually I would like to have enough property where I can hoire someone to manage them and relax on the beach, with my biggest work day being the one where I walk barefooted to the mailbox to pick up my check, and walk it over to the bank (after I put my flip-flps on)


Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

Both. I would definatley like to move away from working at a job job, to investing activities full time. I definatley want cash now---but when the bare necessities are covered I will apply excess cash to my investments.


List the strategies you want to employ.

Wholesale
L/O
Buy and Hold


When do you plan to get started.

Two weeks ago.


What are the first five actions you plan to take to get started?

Drive for $
Look up tax records and phone numbers
call
make offers
MLS lookup , call, make offers


What do you need to know before you get started?

How to smoothly negotiate a L/o and do a subject to. I want to learn how to work with pretyy houses too.


What skills do you need to improve to become successful?


The ability to be more consistent.


How much time you plan to set aside for investing?


20+ hours a week.

Who can you depend on for support?

God. People---? I'm not so sure...

Who will think you're an idiot for getting involved with real estate?

Someone whos never done it.

What is your 4 biggest fears?

? Nothing comes to mind right away...


How much capital do you have set aside to get started?

$250.00


Do you plan to use partners?

No, not necessarily

What are your top 5 strengths?

I am very determined.
I am good with people.
I think innovative thoughts.
I like to think big.
I'll do whatever it takes to reach my goals.

What are you top 3 weaknesses?

I like to sleep in.
I tend to get distracted.
I tend to spread my focus in many areas at once.



Credit score? Good? Bad? Pass?

Bad


What are your reasons to invest in real estate?

Self-employment, Something to Do, Financial Freedom, Travel, Family, Charity...on and on.

Do you want invest part-time or full-time?

Full time

Are you good with people and one-on-one communication?

Overall, yes.


Thanks Dealmaker....

God Bless.
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#63 User is offline   valerie4975 

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  • Joined: 04-January 05
  • City:mahopac
  • State:ny


  • Level:New Investor

  • Target Markets: Putnam Westchester nY


  • My Goals: Do my first deal in the first quarter of 2005

  • Pets: Great Dane - Axel

  • "I came to save the world not condemn"

Posted 13 January 2005 - 03:07 PM

Here is another post for this thread. Now that I put it writing it seams more real.

•What are your goals for investing in real estate?
To be financially independent and free of personal debt. Develop a system that I can rely upon that will provide my family with current income as well as long term wealth.

•Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cash flow)... or both.
Both - Short term goals: begin marketing plan, in 2005 create immediate cash flow by flipping to investor’s min. 6 houses averaging $2,000 - $4,000 per flip. Rehab one property with a minimum $25,000 profit. Purchase 2 houses that can be sold with an option to buy to create long term cash flow.
Long term: Build a portfolio of properties that provide cash flow (long term goal $20,000 per month) and long term appreciation. In 10 years have a net worth of $2,000,000 (excluding personal residence).

•List the strategies you want to employ.
Flipping - Get heavily discounted property under contract – exit: assign contract or double close with investor
Be a cash buyer for distressed properties (once I get $$ in place) – exit; flip, rehab, retail, lease option
Sub2 – exit lease option
Look for arbitrage in MLS – option or purchase at below FMV – exit retail w/ /lease option or some owner financing

•When do you plan to get started?

I will have my marketing plan together and will begin implementing it by the end of next week (Jan 21)

•What are the first five actions you plan to take to get started?

Formulate marketing plan, nail down MLS access, visit open houses on Sundays, find accountant, visit courthouse to get familiar with people and process for doing research

•What do you need to know before you get started?
What contracts to use. Sub2 variables.

•What skills do you need to improve to become successful?
Negotiating real estate deals. Approaching distressed homeowners.

•How much time you plan to set aside for investing?
Can give it full time attention

•Who can you depend on for support?
My husband and parents are great for emotional support. I have no real estate mentors.

•Who will think you're an idiot for getting involved with real estate?
My mother in law, my sister in law’s husband

•What are your 4 biggest fears?
Calling people on the phone, looking stupid, failing, going broke

•How much capital do you have set aside to get started?
No cash on hand but do have about $40,000 credit cards line I can tap at 4%. Will roll over half of a traditional IRA ($100,000) to a self directed IRA

•Do you plan to use partners?
Yes – I would like private money “partners”. My husband will be my partner on rehabs.

•What are your top 5 strengths?
Intelligence, enthusiasm, drive, empathy, problem solving

•What are you top 3 weaknesses?
1. Phone anxiety – I get anxious when I need to call people – even people I know. This anxiety is debilitating and keeps me from reaching full potential in a lot of areas.
2. I often take things personally 3. Can lose my temper easily 4. Suffer from mild ADD – get excited about new endeavors but lose interest and have problems following through unless there is a certain deadline.

•Credit score? Good? Bad? Pass?
770

•What are your reasons to invest in real estate?
Financial independence – get back into “the game”

•Are you good with people and one-on-one communication?
I am good with people once initial contact is made. I can connect with many different kinds of people.


Valerie
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#64 User is offline   1STMILLION 

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  • Joined: 10-January 05
  • City:Arvada
  • State:Colorado


  • Level:New Investor

  • Occupation: USMC

  • Target Markets: CO,SC,CA


  • My Goals: 1ST million by 30

  • Adapt and overcome.

Posted 14 January 2005 - 09:20 PM

What are your goals for investing in real estate?
1) build a huge net work of people
2) financial freedom
3) To build 30k in monthly cash flow.
Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
1)Both, but Equity is less important.
List the strategies you want to employ.
1) buy single family homes at least 20% below fmv and sell on lease option. Eventually moving up to apartment complexes and commercial re.
When do you plan to get started.
1) June 17 2005,
What are the first five actions you plan to take to get started?
1) Set a side a 1k initial advertising budget followed by 300 dollars monthly
2) Once I’m back in Colorado, start an explosive advertising campaign. I want sellers to contact me. I will tell friends family the mailman trash guy anyone. Bandit signs, car signs my polo shirts everything in my life will relate to my business.
3) learn some thing new everyday that relates to my business.
4) Tell my Girlfriend and my Mother what my goals are and to keep me on track in times of despair.
5) build a network.
What do you need to know before you get started?
1) how to put a property into a trust.
2) values in Colorado.
What skills do you need to improve to become successful?
1) people skills. I tend to drive people away with my intensity and aggressive demeanor.
How much time you plan to set aside for investing?
1) whatever time is not spent in school will be spent working for me. At minimum 20 hours a week
Who can you depend on for support?
1) mother, girlfriend
Who will think you're an idiot for getting involved with real estate?
1) every single one of my high school friends.

2) my father
3) most of my family
What is your 4 biggest fears?
1) people I trust that I shouldn’t have.
2) becoming an alcoholic father
3) being broke and old
4) people around me thinking I’m a failure
How much capital do you have set aside to get started?
1) 12k in liquid cash, 30k in a heloc
Do you plan to use partners?
1) No
What are your top 5 strengths?
1) drive
2) persistence
3) disciplined
4) philanthropy 5) goal oriented
What are you top 3 weaknesses?
1) slow learner
2) I have bad spelling and grammar
3) I have a hard time making friends
Credit score? Good? Bad? Pass?
1) fico 745 as of dec. 2004
What are your reasons to invest in real estate?
1)To create a non profit organization for troubled kids with bad parents.
2)To monetary help family and friends
2) To show the world that I’m successful
Do you want invest part-time or full-time?
1) start part time then go full time
Are you good with people and one-on-one communication?
1) typically better with women than men. I need work in this area
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#65 User is offline   Cashmoney 

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  • City:Portland
  • State:Oregon


  • Level:New Investor

  • Occupation: Insurance

  • Target Markets: Tulsa, OK


  • My Goals: Strong cashflow

  • Pets: none

  • All things are possible to him who believes.

  • Niche: SFR

Posted 19 January 2005 - 05:32 PM

What are your goals for investing in real estate?
A residual income/ net Cashflow of 10-20k a month.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

List the strategies you want to employ. - buying sfr, condos, and apartment complexes

When do you plan to get started - now

What are the first five actions you plan to take to get started?
1. Look at as many properties as I can
2. Let as many people know what I am doing and want to do
3. Get all credit related opportunites or obstacles resolved
4. Buy or figure out a way to buy and hold
5. Strengthen my financial IQ

What do you need to know before you get started? Nothing

What skills do you need to improve to become successful?

The ability to read rent rolls and other financial statements to know how health a property is or can be.

How much time you plan to set aside for investing?

Initially 10-15 hours weekly and more as I become more profitable

Who can you depend on for support? My family

Who will think you're an idiot for getting involved with real estate? No one

What is your 4 biggest fears?

1. Not doing it
2. Continue to waste time looking for the perfect deals
3. Not being confident
4. Not moving toward my goal

How much capital do you have set aside to get started? 20-40K

Do you plan to use partners?

What are your top 5 strengths? If possible

What are you top 3 weaknesses?

1. Focus
2. Possible lack of income
3. Focus

Credit score? Good? Bad? Pass?

560 and improving. Recently paid off all credit cards and car note. Only student loans. No other long term debt.

What are your reasons to invest in real estate?

I have a passion for real estate and the best investment around

Do you want invest part-time or full-time?

Part-time leading to full time.

Are you good with people and one-on-one communication?

Very good.
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#66 User is offline   Cashmoney 

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  • Joined: 19-January 05
  • City:Portland
  • State:Oregon


  • Level:New Investor

  • Occupation: Insurance

  • Target Markets: Tulsa, OK


  • My Goals: Strong cashflow

  • Pets: none

  • All things are possible to him who believes.

  • Niche: SFR

Posted 19 January 2005 - 05:34 PM

What are your goals for investing in real estate?
A residual income/ net Cashflow of 10-20k a month.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

List the strategies you want to employ. - buying sfr, condos, and apartment complexes

When do you plan to get started - now

What are the first five actions you plan to take to get started?
1. Look at as many properties as I can
2. Let as many people know what I am doing and want to do
3. Get all credit related opportunites or obstacles resolved
4. Buy or figure out a way to buy and hold
5. Strengthen my financial IQ

What do you need to know before you get started? Nothing

What skills do you need to improve to become successful?

The ability to read rent rolls and other financial statements to know how health a property is or can be.

How much time you plan to set aside for investing?

Initially 10-15 hours weekly and more as I become more profitable

Who can you depend on for support? My family

Who will think you're an idiot for getting involved with real estate? No one

What is your 4 biggest fears?

1. Not doing it
2. Continue to waste time looking for the perfect deals
3. Not being confident
4. Not moving toward my goal

How much capital do you have set aside to get started? 20-40K

Do you plan to use partners?

What are your top 5 strengths? If possible

What are you top 3 weaknesses?

1. Focus
2. Possible lack of income
3. Focus

Credit score? Good? Bad? Pass?

560 and improving. Recently paid off all credit cards and car note. Only student loans. No other long term debt.

What are your reasons to invest in real estate?

I have a passion for real estate and the best investment around

Do you want invest part-time or full-time?

Part-time leading to full time.

Are you good with people and one-on-one communication?

Very good.
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#67 User is offline   CRCox_010 

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  • Joined: 20-January 05
  • City:Fort Wayne
  • State:Indiana


  • Level:New Investor

  • Hobbies: Reading, coaching, Rehab of my home

  • Occupation: Shipping

  • Target Markets: Fort Wayne, IN; Muncie, IN; Indianapolis, IN; and open to other areas


  • My Goals: To be able to retire at 35. Have a comfortable lifestyle. Be able to pay for my childrens' education without worries.

  • Pets: None

  • Niche: Not sure yet

Posted 20 January 2005 - 06:34 PM

Hello all,
Well here it goes. I have finally made the decision to get off of the fence. I have been reading and doing courses for about 9 months now. I have held back because of an intended move to another state and pending honorable dischage from the military. Well with all that behind me its time for me to jump in with both feet. I can't wait to get up and running. My first intitial property I want for my family. I have rented since I was 16 and now at 25 I am tired of throwing my money into someone else's pocket.

What are your goals for investing in real estate?
to be financially independent and to be able to not have to punch a clock until I am 65.
It is both a short term. (Cause who doesnt want money NOW :) )and a long term. I want to be able to be finacially stable and independent with a monthly income of 6 to 10k[COLOR=blue][COLOR=blue][COLOR=blue]


List the strategies you want to employ. - short sales, single family rentals, rehab properties.
When do you plan to get started - now

What are the first five actions you plan to take to get started?
1. Build a network of contacts i.e. hard money lenders, agents, etc.
2. Look at as many properties as I can.
3. Research further alternative financing and no money down buying
4. join an investors group to trade ideas and get leads.
5. LEARN LEARN LEARN

What do you need to know before you get started? Breaking into it seems to be the hardest thing for me. I have all these ideas but I cant seem to find a starting point. I am not sure how to begin my first transaction.

What skills do you need to improve to become successful?

I need to learn the jargon a little better and also need to know how to offer a fair price but yet still make my money.

How much time you plan to set aside for investing?

I want to start out with 10-12 hours a week, but as my profits and knowledge grow I would like for it to become full time.

Who can you depend on for support? My wife, and mother

Who will think you're an idiot for getting involved with real estate? My father in law

What is your 4 biggest fears?

1. Not doing it
2. Failing and putting my family in jepoardy because of it.
3. Ignorance. I am afraid that I wont know the right things and end up on the wrong end of the stick.
4. Not moving toward my goal

How much capital do you have set aside to get started? 12k-15k
Do you plan to use partners?

What are your top 5 strengths?
Great communicator, I love talking and meeting new people.
Highly motivated and I dont let something I want get away.
I have a great support system in my wife alone.
Intelligent

What are you top 3 weaknesses?

1. Focus
2. Possible lack of income
3. Procrastination

Credit score? Good? Bad? Pass?
Lower 500's but have been working to clear all passed debts and I have good standing with the debts that I do have i.e car note, school loans
.

What are your reasons to invest in real estate?

I love real estate and have always wanted to get into something that would allow me to be apart of it.

Do you want invest part-time or full-time?

Part-time leading to full time.

Are you good with people and one-on-one communication?

Very good.
:alarm:
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#68 User is offline   trey72k 

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  • Joined: 18-January 05
  • City:Charlottesville
  • State:Virginia


  • Level:Fence Sitter,Fulltime Investor

  • Hobbies: Read, Research, TV@10, Bowl, Drive the Mountains of VA

  • Occupation: IT Project Manager

  • Target Markets: Richmond


  • My Goals: 4 Rehab A year and 8-10 wholesale deals a year.

  • Pets: Blue Point "Grandpa" and Yellow Lab (Khamir)

  • "Go out there and CLOSE THE DEAL" & "If it was easy, every one would be doing it" - Mrs. Trey72k

  • Niche: Rehabbing, Historic Rehabs (w/tax credits)

Posted 20 January 2005 - 09:57 PM

DealMaker, what can I say that hasn’t been said already. I’ll try. The level of mentoring that you have created and continue to facilitate is nothing short of philanthropic. You and your colleagues have enabled dreamers to fulfill their dreams. nuff said. Now I have to stop procrastinating (see below) and get back to working on my first short sale. Oh and by the way, working on short sales and helping the homeowner out of their mess - profit aside - can be as fulfilling as volunteering.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
o I need cash now, but have learned that both can happen at the same time. Sometimes I think if I was in a more urban environment, I would have more wholesale opportunities, which would be great, but on the other side, maybe I’m not working it enough. Plus, see my profile.
List the strategies you want to employ.
o Sub-to
o Rehab
o Short Sale
When do you plan to get started.
o Started the education in Jan 04’. Contracted a few rehabs that did not get funded. Marketing for Sub-to’s
What are the first five actions you plan to take to get started?
o Read
o Read
o Read
o Advertise (more)
o Make Offers
What do you need to know before you get started?
o N/A – already started
What skills do you need to improve to become successful?
o Strict Planning
o Quicker follow-up
o Focus
o Marketing
o Mentorship
How much time you plan to set aside for investing?
o at least 60 hours
Who can you depend on for support?
o TBD
Who will think you're an idiot for getting involved with real estate?
o No one, folks have been supportive
What is your 4 biggest fears?
o Not knowing enough to close the deal
o Not responding quick enough
o Not finding motivated sellers
o Not getting the funding in time, if at all
How much capital do you have set aside to get started?
o A few thousand for marketing and due diligence (inspections, etc)
Do you plan to use partners?
o Well, actually, private investors
What are your top 5 strengths?
o Patience
o Communicative
o Analytical
o Family guy
o creative
What are your top 3 weaknesses?
o Tend to lose focus
o Low cash/low fico
o procrastination
o Am I creative enough
Credit score? Good? Bad? Pass?
o Bad
What are your reasons to invest in real estate?
o 1st reason is for real estate to pay for my wife and I to earn our PHD’s
o 2nd reason is to fulfill my early 20’s goal to be wealthy by 45 (7 years to go).
Do you want invest part-time or full-time?
o Full time
Are you good with people and one-on-one communication?
o Excellent

Ruby Sipper, goes down smooth, at the café, 6:30 sharp: E.S.T. http://www.serendipi...com/default.htm

This post has been edited by trey72k: 20 January 2005 - 10:01 PM

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#69 User is offline   Kenton 

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Posted 21 January 2005 - 06:08 AM

Well I guess I'm up to bat. Been meaning to do this for awhile...thought it would be a good way to start off 2005. So here we go........

What are your goals for investing in real estate?
· Short term (2 yrs): Pay off credit cards and student loan, build up marketing to
get a good deal flow while hiring out most of the work, do 4 deals a month (2
wholesale, start 2 rehabs), be able to go full time when I leave the military in 2
years
· Long term (5 yrs and beyond): Get into multifamilies/apartments (passive
income), become a hard money lender (profolio income) and continue to do
wholesale/rehab deals (earned income)

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
· See above

List the strategies you want to employ.
· Wholesale (primary)
· Rehab (primary)
· Buy and hold/Landlord (primary)
· Others (short sale, sub2, lease-option, etc) as necessary if they fit, or if I just get bored

When do you plan to get started.
· Already have…been marketing since Oct but it was inconsistent. Back on track now and ready to make something happen in ‘05

What are the first five actions you plan to take to get started? (actually, already done)
· Built decent sized network of investors
· Put out bandit signs
· Started direct mail campaign to absentee owners who have owned homes at least 10 years in an area sought by many investors
· Got info from several hard money lenders (funding criteria, draw schedule, documents needed, etc)
· Got licensed so I have access to comps, can make my own offers

What do you need to know before you get started?
· I think I know what I need to do what I’m looking to accomplish in the short term. Just need more deal flow and more practice.

What skills do you need to improve to become successful?
· Talking to sellers/negotiating (or maybe I just haven’t found a MOTIVATED seller yet)

How much time you plan to set aside for investing?
· Up to 5 hours a day after work, M-F
· 8-10 hours on the weekends, longer if needed

Who can you depend on for support?
· Parents, family

Who will think you're an idiot for getting involved with real estate?
· Honestly, no one whose opinion really matters to me, but if I had to pick a group of people, I would say my co-workers. Oh, and probably the agents on the receiving end of MOST of my MLS offers.

What is your 4 biggest fears?
· Putting a bunch of money or time into this and it not working out
· Having to continue to work a J-O-B for the rest of my life
· Being stuck with a money-losing deal due to some screw up on my part
· Any sort of legal SNAFUs

How much capital do you have set aside to get started?
· I might be able to put in $1000 a month if I really tighten the budget. $700-$800 is more likely.

Do you plan to use partners?
· Only those that are bringing forth time, money or experience that I’m lacking. NOT some new guy in the same shoes as me. For example, my mentor has been at this for about 2 years, full time. I’ll split my first deal with him 50-50 just for walking me through it or helping me out when I catch a snag.

What are your top 5 strengths?
· EXTREMELY focused
· Fast learner
· Good communication skills (written/verbal)
· Willing to admit fears, confront most (I still won’t door-knock though)
· Organized

What are you top 3 weaknesses?
· Too quiet sometimes
· Can have a short temper
· Impatient

Credit score? Good? Bad? Pass?
· High 600s, Low 700s….good I guess?

What are your reasons to invest in real estate?
· I see my dad, with a PhD and umpteen years working too many jobs to list and at 60+ years old, he’s still working and works harder than I do. He’s an extremely smart guy, but he’s still working his butt off. I don’t want to end up like that. I don’t want to have my life pass me by while I’m in some cube doing TPS reports or whatever for some manager. And I don’t want to have to wait until I’m old to have the freedom to enjoy life.

Do you want invest part-time or full-time?
· Like most, part-time for starters, full-time down the road

Are you good with people and one-on-one communication?
· Yes on both counts
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#70 User is offline   SkyCastle 

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  • Target Markets: Adams County, Colorado and Surrounding Areas


  • My Goals: Get My Business Profitable and Properly Protected By 12/31/05. Hopefully by April 1, 2005.

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  • If The Opposite of Pro Is Con, Is The Opposite of Progress, Congress?

  • Niche: Trying To Specialize In Subject2 and Short Sales... Mostly marketing at foreclosures right now.

  Posted 03 February 2005 - 07:50 AM


Wow! Thanks for starting this post! I can't imagine the time and effort you have put into helping newbs. Very much appreciated.

Well, this is my first post here, so I should introduce myself a bit... I just found this website yesterday (wish I had months ago), and already feel "home" in many ways. First, the people here seem very sincere, kind, and intelligent. That is a difficult combination to find in most online forums.

Anyway... I am 26 years old, married, two children and I currently work as a Corporate Trainer in Colorado. I used to like what I do, but the money is thin, the hours horrible, and the drive long. So... several months ago I decided I need a change. I didn't want to "jump into" something, so I've been kind of taking my time. (Also can't afford to 'start a business' or so I thought) I decided that Real Estate was something I like to deal with, and I can talk to people. (I know I'll be told to get off my @ss and get some sellers, and I will... I just have to get a cell phone, as I'm phoneless right now, so maybe one week if I can get the money when I hope to)

I refused to buy one of these courses you see on late-night TV, however. Just not me. So, for the last couple months I have been reading everything I can get my hands on for free, or very cheap. Luckily, there is a lot of information. I have been writting a pretty extensive business plan for the last week or two, and came to this website while searching for a state statute information. Some of the things I have been planning/doing match the concensus of members here, but some don't and I would love to know why my thoughts/opinions/research differ.


[*]What are your goals for investing in real estate?
I want to acquire pre-foreclosure properties into Trusts, which my LLC (Taxes as a Corporation, right?) will be Trustee and Beneficiary of, until Property is resold. Within twelve months I want to have acquired and resold at least 5 properties for at least a $10K gross profit per deal. Within five years I want to have an organization strong enough to acquire/resell at least 35 deals in the fifth year.

[*]Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
Well... I would like some short-term cash, but ultimately I suppose my goals are long-term cash, so both. I want to start my business by getting some quick acquire/resell pre-foreclosure properties. In year two or three, I plan to start looking at some properties for long-term (ie, leasing, lease to own, etc.), while continuing to acquire short-term properties. I believe this create a nice mix of "cash for now" and "cash to invest."

[*]List the strategies you want to employ.
I have formed an LLC that I plan to have taxed as a corporation (believe that was confirmed in something I just read here), then use my county foreclosure list to contact potential sellers. If I can acquire their property into a Land Trust, and the mortgage is at least a certain amount below wholesale/resell value, I'll use my line of credit to make the payments until a suitable buyer is found.

[*]When do you plan to get started.
I have my entity, and all the forms to do a sub2 trust, or even a short sale (I think I have all the forms :glare: ), I'm waiting for my cell phone, then I will go contact some potential sellers. So, I think I've started, although DM will probably say I haven't until I have a seller, am I right?

[*]What are the first five actions you plan to take to get started?
Although I have a feeling there will be much to each step:
1. Get my cell phone.
2. Go to potential sellers house
3. Make a deal to acquire property
4. Close the deal correctly (ie, legally correct, financially correct)
5. Resell the property in a short time for a profit

[*]What do you need to know before you get started?
- Is my credit line secure and reasonable? (No business line of credit yet, just personal)
- Are my property estimates accurate?
- Are my legal documents correct?
- Am I missing anything?

[*]What skills do you need to improve to become successful?
I feel pretty confident about knocking on doors and explaining how I can help, so I guess I need to make some mistakes in order to know what I'm doing wrong. I guess that involved getting out and getting a seller.

[*]How much time you plan to set aside for investing?
I plan to do it part-time... maybe a couple hours a day until I have secured five deals. Once I've done five deals I should be financially stable enough to leave my job and focus on investing full-time.


[*]Who can you depend on for support?
My wife is relatively supportive. She doesn't really understand what exactly I'm planning, but trusts me to make smart decisions (which honestly worries me, as I think she trusts me more than I trust myself). My mom is kinda supportive, but not understanding, and lives 3000 miles away. My dad is also far away, and I have told him about my plans a little bit, but he has not really had much to say yet. He is the CTO of a large corporation, and has been travelling most of this week, so he hasn't had time to look at my plans. I think he will be pretty critical, but sometimes he surprises me with support I don't expect, so I'll have to wait to see.

[*]Who will think you're an idiot for getting involved with real estate?
Probably a lot of my other family members, until I show them the results. My family is usually very demanding of evidence. Most of my friends don't understand or I haven't told them, because I don't want their criticism.

[*]What is your 4 biggest fears?
- Getting burned on a bad deal by something I could have prevented if I had done more research.
- Not having the money to keep up a property I buy but don't resell as quickly as I hope.
- Having to continue working where I currently work, because the business doesn't succeed how I plan.
- Forgetting everything I have learned when I start talking to a prospective buyer.

[*]How much capital do you have set aside to get started?
I have already put about $600 into the business to get things like legal forms, llc registration, street address.

I don't have much cash, but I can use personal credit to secure things like my cell phone, whatever else I might need to make the first deal. My estimates are that I should need less than $1500, so, maybe another $1000 than what I've spent. I will be kind of screwed if I put another $1k on my credit cards and don't make a profitable deal, so I am scared about that.

[*]Do you plan to use partners?
Not at first. Maybe after I have a successful year or two, I will get a partner to help me secure and work deals.

[*]What are your top 5 strengths?
- Need to succeed.
- Not afraid to talk to people I don't know
- Willing To Learn
- Detail Oriented
- Well Organized

[*]What are you top 3 weaknesses?
- Scared of Failure.
- Motivation
- Experience with Real Estate and Legal Documents

[*]Credit score? Good? Bad? Pass?
Credit Score is ok... high 600s. Not great, because I have lot of credit card debt.

[*]What are your reasons to invest in real estate?
Get rid of credit card debt. Have more free time and money to spend with my children.

[*]Do you want invest part-time or full-time?
I want to do it full-time, but feel I can only do it part-time initially to be financially responsible to my family.

[*]Are you good with people and one-on-one communication?
I believe I am, and I have been told so. Obviously, I can go on, and on, and on... as evidenced by this post. :)

Post as much as you can along with your questions. I will personally respond to each post. Some days (like July 22th to 25th) I'll be traveling and unable to respond but when I return, this will be the first thing on my list.


I find it absolutely incredible what you are doing. If you are ever in Denver, let me know and I will buy you a nice dinner for taking your time to read this and answer my questions!


No, I don't expect everyone to jump on this opportunity. Some of you have been reading these forums for the last year and you have yet to get started. You have everything to gain and nothing to loose for getting started.


Hope you don't mind me jumping in on this... I know it's been like 8 months since the original post.


Lurkers, jump in and introduce yourself!

The Cafe' is cozy and we have your favorite brew. I'll have Gyokuro Tea..my favorite.


Well, I guess I'll shut up now and drink my tea. Thanks for reading this. :dance1:


Sincere Thanks,
Gary Jones
SkyCastle, LLC
skycastle@softhome.net
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#71 User is offline   Dealmaker 

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Posted 03 February 2005 - 08:22 AM

Welcome NewComers!!

I'm having my favorite brew this morning (tea) and thanks for joining us. Post your questions and enjoy the Cafe'!

Cheers,
Dealmaker :dance1:
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#72 User is offline   SkyCastle 

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  • Level:Part-time Investor

  • Occupation: Corporate Trainer / Hoping To Become Full Time Investor Soon!

  • Target Markets: Adams County, Colorado and Surrounding Areas


  • My Goals: Get My Business Profitable and Properly Protected By 12/31/05. Hopefully by April 1, 2005.

  • Pets: Two Dogs: German Shepard, Shepard-Rottweiler Mix, and a snake.

  • If The Opposite of Pro Is Con, Is The Opposite of Progress, Congress?

  • Niche: Trying To Specialize In Subject2 and Short Sales... Mostly marketing at foreclosures right now.

  Posted 12 February 2005 - 11:36 PM

I can't say enough for DM's encouragement to focus on getting a deal, not researching what I'll do with one. I can research once I have the deal, and details, to know what to look for.

I am sure I would still be "researching" if I hadn't found this forum.

But, alas, I was convinced to start trying to get some deals. So, I put out some advertisements, and sent some letters to potential sellers in my area. The letters went out Wednesday (02/9/05). The ads haven't even started running, yet. I just got a call tonight from a potential seller!!! (he got a letter - preforeclosure)

I am certainly excited and scared to meet with the seller tomorrow, but I wouldn't have that opportunity if I hadn't got off my ___! So, Thank You DM, and the others, for giving me the "push" off the fence.


:dance1:
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#73 User is offline   brooklyninvestor 

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Posted 25 February 2005 - 12:08 PM

I have been meening to do this for a while.. What do you think?



1- What are your goals for investing in real estate? – (short term goal within a year of starting) Passive income equal to or greater than expenses by year-end. To accomplish this I would need to assign 3 +/- contracts in the first 3 months after purchase of car to build capital. Flip 4 single family properties by the end of the year to build enough capital to purchase multi-family for renting. Wash rinse repeat
2 - Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both. – Both, I plan on building capital using short-term investing techniques then reinvesting money to purchase commercial property
3 - List the strategies you want to employ. – birddog (use my dealfinding skills to sign up favorable deals and sell contracts to investors), flip (find deals at 80% or below of fair market value buy, then sell at 90-95% for a quick sale) , commercial keepers (more than 4 units apt buildings to rent out for the long term) , short sales (NOD listings with no equity), market as an agent as a last resort
4 -When do you plan to get started. - I plan on educating myself until after closing on my apartment and buying a car, so in about 5 weeks I will begin.
5 - What are the first five actions you plan to take to get started? – 1.Take contracts to attorney for review to see if they are suitable for NYC and NY state. 2. Post signs 3. Order and distribute business cards 4. Order foreclosure lists (and begin doorknocking and mailing) and get comfortable visiting courthouse steps 5. Create list of investors and properties they seek to aqcuire
6 - What do you need to know before you get started? – I don’t really need to know anything other than I have a car to get around (must be within 1 month after closing, at most). I am commited to financial education and self improvement, but I need no more information to get started.
7- What skills do you need to improve to become successful? – I need to become more organized and efficient, and work on my people skills via doorknocking and “just doing it” in general
8 - How much time you plan to set aside for investing? – I plan on setting aside 10 - 15 hours a week (3 weeknights visiting 1-2 homes in foreclosure 4-6hrs, visiting with homeowners who call from my marketing 1-2 hrs per week, Saturday 5-6 hrs if no appointments putting up signs, doorknocking, and doing mailings. Sunday for urgent appointments/juicy prospects)
9 - Who can you depend on for support? – I can depend on Phong, Ed, DeAndrea (girlfriend) and the other likeminded people that I meet playing Cashflow
10 - Who will think you're an idiot for getting involved with real estate? - Some co-workers most of my friends/family are supportive (proving these people wrong will make me so happy!! I can’t wait)
11 - What is your 4 biggest fears? – 1. Fear of rejection 2. Fear of losing hard earned money 3. Not really a fear but I am not really looking forward to having a day job and spending all my free time trying to get started 4. Fear of failure
12 - How much capital do you have set aside to get started? – Roughly 50K 10K cash and 40K of equity between my 2 properties.
13 -Do you plan to use partners? – Iif a situation arises where having a partner that offered more of what I don’t have (experience and/or cash) I would jump at the opportunity.
14 - What are your top 5 strengths? – 1. Perseverant 2. Honest 3. Creative 4. Commited to maintaining and improving financial intelligence 5. Personable
15 - What are you top 3 weaknesses? – 1. I am shy\anxious in difficult situations 2. Chronically Disorganized (I have become infinitely more organized since writing this) 3. Stubborn\Arrogant (possibly overlooking options because of preconceptions, I must remember that there are many solutions to 1 problem)
16 - Credit score? Good? Bad? Pass? - Good (700)
17 - What are your reasons to invest in real estate? – (Selfish) So I can live my dream of traveling the world and collecting/modifying/racing automobiles. (Selfless) So I can start a business that returns wealth to communities that need it. I can’t earn money unless I solve someone’s problem and create Win/Win solutions.
18 - Do you want invest part-time or full-time? – I am starting part-time but will progress to full-time when income is greater than expenses
19 - Are you good with people and one-on-one communication? - I am getting better with people and I am good with one-on-one communication
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#74 User is offline   independentandhappy 

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Posted 03 March 2005 - 02:10 PM

First of all, I would like to say thank you thank you and thank you again for taking the time to respond to my post.


My short-term goal is to develop a monthly cashflow from real estate. My long-term goals are to eventually invest in rental properties and invest in real estate full-time

The strategies I plan to use include flipping and wholesaling. At one point I wanted to do rentals but I do not have enough reserve cash flow for that so I am focusing on flips and wholesaling. The idea of rehabs appeals to me for a number of reasons.

I am in the process of building a house now. My first house! It should be finished by June. I would like to start investing as soon as possible and I hope that this will not interfere with my investing. I have been told that buying a new house might prolong my dreams

My 5 actions I plan on doing before I get started is developing a business plan that I can use if I lose my focus, try to develop contacts with money partners, join a real estate investment club, going to see several realtors who may possibly work for me, and continue to look around neighborhoods for potential investments

Before I get started I need Faith!

I need to improve on time management skills before I get started

I plan to set aside at least an hour a day on real estate investing. I would like to eventually devote all my time!

I can depend on family and friends. I have family that invests in real estate that has indicated that they will help me get started if I need help

The only thing holding me back from this is me and my insecurities. No one will think I am an idiot for doing this.

My 1 biggest fear is financial ruin. I am scared that I will get a property that I cannot resale and be unable to repay my loan

I have a couple of thousand saved but since I am about to buy a house, my savings is about to reduce significantly

I would prefer to do this on my own but I do have people that have indicated that they will give me financial support so I will not turn them away!

My top 5 strengths is honesty, organization, strong work ethic, fast learner, and intelligent

3 weaknesses are doubting myself, time management, and lack of real estate investing experience

My credit score is over 700.

I want to invest because I love the idea of being my own boss and being independent and happy (thus my screen name)! I think real estate will be the gateway for other things i like to do in life, like traveling! I can get up and go anytime I want if I am a successful investor! Plus, I really like the idea of owning property and taking care of it and providing people with places to live and changing something that was rundown and ugly into something beautiful. It is just an all around fun job!

I would love to invest full-time

I am good with people. I am an honest person and I think people respond positively to honest, good people.
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#75 User is offline   independentandhappy 

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Posted 03 March 2005 - 02:13 PM

First of all, I would like to say thank you thank you and thank you again for taking the time to respond to my post.


My short-term goal is to develop a monthly cashflow from real estate. My long-term goals are to eventually invest in rental properties and invest in real estate full-time

The strategies I plan to use include flipping and wholesaling. At one point I wanted to do rentals but I do not have enough reserve cash flow for that so I am focusing on flips and wholesaling. The idea of rehabs appeals to me for a number of reasons.

I am in the process of building a house now. My first house! It should be finished by June. I would like to start investing as soon as possible and I hope that this will not interfere with my investing. I have been told that buying a new house might prolong my dreams

My 5 actions I plan on doing before I get started is developing a business plan that I can use if I lose my focus, try to develop contacts with money partners, join a real estate investment club, going to see several realtors who may possibly work for me, and continue to look around neighborhoods for potential investments

Before I get started I need Faith!

I need to improve on time management skills before I get started

I plan to set aside at least an hour a day on real estate investing. I would like to eventually devote all my time!

I can depend on family and friends. I have family that invests in real estate that has indicated that they will help me get started if I need help

The only thing holding me back from this is me and my insecurities. No one will think I am an idiot for doing this.

My 1 biggest fear is financial ruin. I am scared that I will get a property that I cannot resale and be unable to repay my loan

I have a couple of thousand saved but since I am about to buy a house, my savings is about to reduce significantly

I would prefer to do this on my own but I do have people that have indicated that they will give me financial support so I will not turn them away!

My top 5 strengths is honesty, organization, strong work ethic, fast learner, and intelligent

3 weaknesses are doubting myself, time management, and lack of real estate investing experience

My credit score is over 700.

I want to invest because I love the idea of being my own boss and being independent and happy (thus my screen name)! I think real estate will be the gateway for other things i like to do in life, like traveling! I can get up and go anytime I want if I am a successful investor! Plus, I really like the idea of owning property and taking care of it and providing people with places to live and changing something that was rundown and ugly into something beautiful. It is just an all around fun job!

I would love to invest full-time

I am good with people. I am an honest person and I think people respond positively to honest, good people.
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#76 User is offline   Mr. Lambdebois 

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  • Target Markets: So far only in the stock market...


  • My Goals: To own a piece of Mountain land off CO-82 between Glenwood Springs and Aspen.

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Posted 08 March 2005 - 03:47 PM

Dealmaker, on Jul 16 2004, 10:09 PM, said:



[b]You are encouraged to post your thoughts, plans, and questions about getting started.
Each post should include as much of the following as possible...
  • What are your goals for investing in real estate?

  • Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.

  • List the strategies you want to employ.

  • When do you plan to get started.

  • What are the first five actions you plan to take to get started?

  • What do you need to know before you get started?

  • What skills do you need to improve to become successful?

  • How much time you plan to set aside for investing?

  • Who can you depend on for support?

  • Who will think you're an idiot for getting involved with real estate?

  • What is your 4 biggest fears?

  • How much capital do you have set aside to get started?

  • Do you plan to use partners?

  • What are your top 5 strengths?

  • What are you top 3 weaknesses?

  • Credit score? Good? Bad? Pass?

  • What are your reasons to invest in real estate?

  • Do you want invest part-time or full-time?

  • Are you good with people and one-on-one communication?

Post as much as you can along with your questions. I will personally respond to each post. Some days (like July 22th  to 25th) I'll be traveling and unable to respond but when I return, this will be the first thing on my list.



Hello, first let me thank you for taking the time to give advice and share your experiances.

1. What are your goals for investing in real estate?
I am interested in buying a piece of mountain property to live at some point in my life. I would not intend to sell it eventully. I am concerned that when I am ready to retire the property values of the land I am interested in will be out of reach due to how quick the area is being developed. I had the luxury of living there for a while and absoulutley fell in love with everything about the area. I am sure this where I want to spend the rest of my life.

2. I guess my goal would be considered long term....

3. I would like to get started as soon as possible. People are building now and undeveloped land is limited. I just need to be sure I am not better leaving my money invested in the stock market as it is now.

4. I have a lot to learn.

5. I do not have much time as work and school take up most of my time.

6. For support...I have my wife. She makes 50k a year to add to the income.

7. My father will think I am crazy....but then again he doesn't understand that keeping your cash in savings long term is bad cause the rate of inflation is higher than the interest rate.

8. Not being able to provode for the ones I care about in my life. Not every living in the mountains are my 2 biggest fears.

9. I have about 90k sitting in a scottrade account at the moment. and about 50k in a savings account.

10. I do not plan to own the land with anyone else.

11. For strengths I am very willing to listen, mechanically inclined, great with people, and have the desire to suceed.

12. for weaknesses...I lack suffeciant knowledge in relevance to buying land and how to do it.

13. No credit score. I have paid cash for everything never building any credit. :huh:

14. I am great with people.

Right now I am working and studying as a pre-med student. It may be 4.5 years till I am even done with school at this point.

So what would you do so that you will be able to live in the area I desire? For example near the spring park resivoir in missouri height, colorado there is a area of 16 20-70 acre lots being developed. A 37 acre lot is listing for 250k. Keep in mind it is at 7500 ft and has the best views in the entire valley. You can see Basalt mountain, sunlight, Mt. Sopris, K-2, The Bells, and Snowmass mountain. I have seen it first hand and it is increddible. I do not want to know what the properties will go for in 10 to 20 years after they have been developed.

Thanks,
John
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#77 User is offline   hannad 

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  • Group: Dealmakers
  • Posts: 11
  • Joined: 07-March 05
  • City:Denver
  • State:Colorado


  • Level:New Investor

  • Hobbies: Skiing, Biking, 4-wheeling

  • Occupation: Software

  • Target Markets: Denver metro area


  • My Goals: Positive cashflow, seed money

  • Pets: Two mini-dachshunds

  • Niche: not sure

Posted 08 March 2005 - 04:05 PM

  • Who am I?
    Here are the vital stats: I am 31 yrs old, live in Denver, CO, have a family with small children, an Aerospace Engineer by training but currently work in software. I have owned a rental property previously and turned it over for a nice profit. I have a good network of friends who are involved in one form or another in REI. I also have a good network of friends who WANT to get involved.

  • What are your goals for investing in real estate?
    Really my main concern is to break my dependence on my career. I have a great job, very stable, good salary, good benefits BUUUUT how long can I count on that. We have seen a lot of changes in the past few years and I believe that there are more to come. Right now I have all my eggs in one basket and I don't like that feeling. I believe that REI is a viable alternative/companion to the 'daily grind'.

    My goal is mostly long term. I would love cash now but really I am looking for a way to jump start my path towards an early and SECURE retirement. The more I can make and the earlier I can make it, the farther along that path I get. So I have two goals, long term passive income, and short/medium cash infusion.

  • List the strategies you want to employ.
    The ones that work. :huh: Seriously, right now I have two thoughts in mind:
    1) Rental properties. I see the potential for long term inflation protection and passive income via rentals. I had a rental in the past and it worked out fairly well. I sold after a while to take the equity I had in it. That being said, my wife is skeptical on this because she doesn't see how $150/month is any real gain (and her dad had a bad experience with a rental during her childhood)
    2) Distressed property flips. Seems like there is huge leverage here with a lot of potential for short/medium term income.

    That being said, I do not know about all the various strategies. I'm a quick study and am willing to embrace anything. I need the knowledge!!!

  • When do you plan to get started.
    I think I am already started. I have been pulling the weekly NOD listings, working with a realtor and broker. Perusing the MLS etc. I am hesitant because there are some issues that I am leery about. In particular, how shield myself from risk and what are the nuts and bolts processes of how to do a transaction. (see My Posting) If I found something that looked like a good deal I would be ready to act today.

  • What are the first five actions you plan to take to get started?
    1) Understand the process(s) for a transaction and explain that process to my wife
    2) Get the right forms together
    3) Get the pre-foreclosure listings (DONE)
    4) Secure financing (partially done)
    5) Call the homeowners on the foreclosures

  • What do you need to know before you get started?
    1) How can I mitigate personal risk?
    2) What are the various processes to follow? I don't want to jump into this promising that I can help someone and then screw it up. Likewise, I don't want to file an intent to purchase a defaulted lien and then find out I am on the hook for another 200K or something like that.

  • What skills do you need to improve to become successful?
    My willingness to cold-call the homeowner. I am really an outgoing person but for some reason, cold calling scares me to death.

  • How much time you plan to set aside for investing?
    I'm not sure. At this point I am not planning for this to become a full time job. A much more likely scenario would be for my wife to start doing this part time if we can demonstrate it to be successful. Ideally my timeline would look like: Flip a few properties for some seed $. Use that money to invest in some good rental units (I'm even considering building on some land that I own) which will generate passive income. Continue periodic flips for ongoing income.

  • Who can you depend on for support?
    My wife is very supportive. However, she is really detail oriented, reality based person, so she need to be shown how it will work before she will commit. My social network is also very supportive of this.

  • Who will think you're an idiot for getting involved with real estate?
    My father-in-law. He had a bad experience and so he is gun-shy.

  • What are your 4 biggest fears?
    1) Screwing up so I lose my savings or home or both
    2) Cold calling - rejection. It scares the boogers out of me to think of calling someone who thinks I am a jerk for calling
    3) Failure. I really like success.
    4) Not meeting my goals and having an awful quality of life during retirement or not being able to retire.

  • How much capital do you have set aside to get started?
    $15k

  • Do you plan to use partners?
    I am not planning on it at this point but I have discussed it. I guess it really depends on the opportunity.

  • What are your top 5 strengths?
    1) Great with people
    2) Great with numbers and analysis
    3) I am very optimistic
    4) Ability to see, comprehend and convey the "big picture".
    5) Mechanically inclined (I could do work on a property if needed. I actually enjoy it)

  • What are you top 3 weaknesses?
    1) Fear of initiating contact
    2) I tend to obsess on things so the "sleep at night" factor can come into play
    3) I am very optimistic

  • Credit score? Good? Bad? Pass?
    Great

  • What are your reasons to invest in real estate?
    As I mentioned before, I want to secure my future. I see REI and the income it provides as a valuable part of a portfolio. My goal, is to be financially free in 20 years so that I could retire at that time if I wanted to.

  • Do you want invest part-time or full-time?
    Part time

  • Are you good with people and one-on-one communication?
    Yes, I think I am extremely good with people. That is why I find it funny that I am so gun-shy about initiating contact.

So thank you again for this offer to help those of us getting started. It seems that in something like this, having someone to communicate with, learn about pitfalls, understand best practices etc is really valuable.
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#78 User is offline   tykei 

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  • Level:Part-time Investor


  • My Goals: Retirement

Posted 11 March 2005 - 03:53 PM

What are your goals for investing in real estate?
To create enough cash flow to retire within 10 years.
Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
Monthly cash flow
List the strategies you want to employ.
Flipping, rehabbing, pre-construction, then move funds into buy and hold.
When do you plan to get started.
I already started.
What are the first five actions you plan to take to get started?
" "
What do you need to know before you get started?
" "
What skills do you need to improve to become successful?
Systematizing a business and process, be more aggresive, a good PLAN.
How much time you plan to set aside for investing?
20 hours a week.
Who can you depend on for support?
My team.
Who will think you're an idiot for getting involved with real estate?
Nobody.
What is your 4 biggest fears?
Losing my primary source of income.
Getting sick so I cannot work and support my family
Doing a bad deal I could have avoided
Getting stuck with a bad deal.
How much capital do you have set aside to get started?
80K.
Do you plan to use partners?
When it is nessessary.
What are your top 5 strengths?
Tenacity
Good with people and people management
good with numbers
creative
different outlook on most deals and in life
What are you top 3 weaknesses?
Indecisive
not organized
no plan
Credit score? Good? Bad? Pass?
Excellent credit.
What are your reasons to invest in real estate?
Retire early on passive income.
Do you want invest part-time or full-time?
Full time is the end goal.
Are you good with people and one-on-one communication?
Yes.
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#79 User is offline   chaz242 

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  • Posts: 70
  • Joined: 09-March 05
  • City:Bethesda
  • State:Maryland


  • Level:New Investor

  • Occupation: Computer Consultant

  • Target Markets: Baltimore, MD , PG County MD


  • My Goals: Flip 12 properties this year - Bring in at least 100k

  • Pets: Fish

  • "Strength is a matter of the made-up mind."

Posted 14 March 2005 - 11:05 PM

Hello everyone! I've been on this site for a few days, and I think its best to just get the ball rolling.

What are your goals for investing in real estate?
My goal for investing in real estate this year is to replace my current income that comes from IT consulting. This amounts to about 100,000 over the course of the year. In the long term I plan on taking on a few buy and holds, but overall my intention is to create a property selling machine making at least 1,000,000 a year.

Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cashflow)... or both.
Right now I am focusing short term and wiping out my debts, purchasing a home to live in, and re-building my credit

List the strategies you want to employ.
Market to people in probate. Market to the lower end housing in nearby Baltimore. Initially I want to do a few wholesale deals, then move into rehabbing properties for larger profits.

When do you plan to get started.
I am getting started now in terms of clarifiying my goals and what I want to accomplish. I plan on putting my first classified out in a newspaper this week,
but I still have yet to flesh out a more detailed and complete strategy/marketing plan.

What are the first five actions you plan to take to get started?
- Put out my classified ad.
- Write out the steps that I need to accomplish for the kinds of deals I am pursuing, Reos, vacancies, probate, etc. so that I don't start brain farting on doing things
- Put the word out about tutoring high school kids so that I can trade one of my hours for 3-4 of their hours and put them to work on grunt work
- Re-Mail the vacant houses that I do know about
- Track down the people that I have returned mail on

What do you need to know before you get started?
I have enough knowledge of real estate overall. I just need to determine my farming area

What skills do you need to improve to become successful?
Phone manner, person to person speaking, consistency, focus, discipline

How much time you plan to set aside for investing?
at least 10 hours a week

Who can you depend on for support?
Two friends and a girl friend

Who will think you're an idiot for getting involved with real estate?
I IMAGINE people that are acquaintances or people at work, but from what I've gathered from people around me, I don't think anyone would. Its just in my head


What is your 4 biggest fears?
Failing, Losing someone else's money, Wasting time or resources, (this is silly) but for some reason i think that one of these motivated sellers is going to come rob my house or something or kill my parents (totally strange and irrational i know)

How much capital do you have set aside to get started?
Currently I have about 4-5k to get started

Do you plan to use partners?
Yes

What are your top 5 strengths?
Learn quickly, I generally can find ways around obstacles, Know a network of wealthy people through my family (I hesitate to hit them up for capital because I'm afraid I'll lose their money), Hard worker, voracious reader/learner

What are you top 3 weaknesses?
I overanalyze sometimes, and doubt what I'm doing (paranoid) Not very methodical at times, Not very good with people, Like to do things on the seat of my pants a bit too much (Yes., thats 4)

Credit score? Good? Bad? Pass?
Bad - its around 560-580. I just paid a bunch of debt down which haven't been recorded by the CRAs

What are your reasons to invest in real estate?
Get out of a JOB and be financially free
I want to beat my peers financially
Provide for my family and future wife and family so I can teach them you can do anything that you set your mind to
I like doing things well

Do you want invest part-time or full-time?
Currently part-time, in the future, full time

Are you good with people and one-on-one communication?
I think sometimes I am good, and sometimes I am bad, I have a tendency to think very quickly which sometimes prevents me from listening. When I do remember to listen and match their words and pacing, I think I do well.

Thats it for now, I wanted to annouce myself with a roar here. Thanks for creating the website, the few articles I've been reading have helped refine my thinking some. Matt, Garrett Lambert turned me onto this website and he says Hello. Thanks!
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#80 User is offline   Bobbyone 

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  • Joined: 09-March 05
  • City:Balch Springs
  • State:Texas


  • Level:Wannabe

  • Hobbies: Reading

  • Occupation: Teacher

  • Target Markets: South Dallas and surounding areas


  • My Goals: To come an real estate investor and build wealth

  • Pets: no pets

  • PERSIST AND YOU SHALL SEE THE MOUNTAIN CRUMBLE

  • Niche: NOTHING YET BUT LOOKING AT BEING A MASTER FLIPPER

Posted 16 March 2005 - 03:53 PM

My situation

• I am an elementary teacher. I love working with the kids but it is not for me to do for the rest of my life. I have watched my students and have seen some good and some bad. At times I feel powerless to really help them the way I would want. Too many things in the school system that would could get you in trouble for doing or saying something wrong. I am also tire of working for someone else.
I have been very interested in real estate for about 5 years and been reading and researching for about 2. I will be thirty this July and I am ready to get off the fence. I have never been a risk taker in my own affairs but I am ready to try something new. I would love to be able to take my wife off her job I she wanted too. I would also like in the future start some programs in the neighboring areas (low income) to provide more avenues for common folk to better their lives and the lives of the children.

• What are your goals for investing in real estate?
To flip some properties and to own some rental properties to secure my financial future.

• Is your goal short-term (I need cash now) or long-term (I want to build wealth and a monthly cash flow)... or both.
My goals are both long term and short term. I would like in the next two months flip about 3 properties and gain some capital to start purchasing properties to lease to own and also just some to keep in the family for a long time.

• List the strategies you want to employ.
The Strategy has been my biggest concern. Not sure how or where to start. I have about $1000.00 to get started. I also have a family member that offered to match my funds and be sort of like a silent partner.

• When do you plan to get started?
I would like to think I am getting started right now. Just sitting down and typing this out is a big step for me. I moved from thinking to doing. Feels good too. I would like to have my fist deal by the end of April.

• What are the first five actions you plan to take to get started?
A I have hooked up with a local realtor who has promised the picking of her brain and for any help I need.
B. I have also met Loan broker and feel confident in his abilities.
C. I have read another book and in the process of putting together a marking strategy
I think I will be doing a lot of driving for dollars and door knocking
D. Business Cards and car magnets
E. join I will join a local REI group.

• What do you need to know before you get started?
I need to learn more about my market. And what is a good deal and how much to offer.

• What skills do you need to improve to become successful?
The art of deal making and negotiating.

• How much time you plan to set aside for investing?
Working full time and currently going to school part time. I still have 10-15 hours a week to give.

• Who can you depend on for support?
My wife is a great support for me. Also I have a sister in California that will be starting the same time I so we usually call each other once a week and check our progress.

• Who will think you're an idiot for getting involved with real estate?
I do not believe any one will think I am an idiot for getting involved with real estate, but family will need to see some results before buying in to my overall vision.

• What are your 4 biggest fears?
Sitting on the fence not moving off
Failure
Not moving fast enough to catch a deal
And failure again

• How much capital do you have set aside to get started?
$1000.00

• Do you plan to use partners?
I do not plan to use a partner at first but I have formed some alliances to get information and assistance.

• What are your top 5 strengths?
Honesty
Persistent
Fast learner
My Jesus
My wife

• What are you top 3 weaknesses?
Procrastination is my worst enemy
Can be indecisive at times
Move to slow

• Credit score? Good? Bad? Pass?
My credit score is about 650 and going up. Decreasing debt and increasing income

• What are your reasons to invest in real estate?
Real Estate has been a constant money maker for those who dare. The thrill of the deal really excites me

• Do you want invest part-time or full-time?
I want to invest part-time and become full time with in 12 month

• Are you good with people and one-on-one communication?
I am good with people. I was a collections agent and a customer service rep before I began teaching.
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